Average US 30-year mortgage rate falls to 3.89 percent

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WASHINGTON (AP) - Long-term U.S. mortgage rates fell this week, as the benchmark 30-year rate declined for the fourth straight week to its lowest level in nearly seven months.

Mortgage buyer Freddie Mac says the average rate on 30-year fixed-rate home loans dropped to 3.89 percent from 3.94 percent last week. The rate stood at 3.60 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971.

The rate on 15-year mortgages eased to 3.16 percent from 3.19 percent.