US long-term mortgage rates fall; 30-year at 3.88 percent

WASHINGTON (AP) — Long-term U.S. rates slipped this week, reversing two straight weekly increases.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages fell to 3.88 percent from 3.91 percent last week. A year ago, the benchmark rate stood at 3.52 percent.

The rate on 15-year, fixed-rate mortgages, popular with homeowners who are refinancing, dipped to 3.19 percent from 3.21 percent last week. A year ago, the 15-year rate was 2.79 percent.

Long-term home loan rates tend to track the yield on 10-year U.S. Treasury notes, which fell this week.

The average rate on five-year adjustable-rate home loans rose to 3.17 percent this week from 3.16 percent last week and 2.85 percent a year ago.