US long-term mortgage rates fall; 30-year average at 4.07%

WASHINGTON (AP) — U.S. long-term mortgage rates fell slightly this week, marking a third straight week of declines as a continued inducement to purchasers in the spring home-buying season.

Mortgage buyer Freddie Mac says the average rate on the 30-year, fixed-rate mortgage eased to 4.07% from 4.10 percent last week. By contrast, a year ago the benchmark rate stood at 4.61 percent.

The average rate for 15-year, fixed-rate home loans declined this week to 3.53 percent from 3.57 percent last week.