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US long-term mortgage rates drop

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WASHINGTON (AP) — US long-term mortgage rates fell this week amid continued uncertainty about the economy’s outlook.

Mortgage rates have been running near historic lows, a potential boon to home buyers.

Mortgage buyer Freddie Mac says the average rate on the 30-year fixed-rate mortgage dipped to 3.57 percent from 3.65 percent last week. A year ago, the average rate stood at 4.90 percent.

The average rate for 15-year fixed-rate home loans declined this week to 3.05 percent from 3.14 percent last week.

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