US mortgage rates fall to 3-month low; 30-year at 4.63 pct.

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FILE- In this Nov. 28, 2018, file photo a realtor sign hangs in front of a home for sale in Pittsburgh. On Thursday, Dec. 13, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Keith Srakocic, File)

WASHINGTON – U.S. long-term mortgage rates fell this week to their lowest level in three months, an inducement to prospective homebuyers in a haltingly recovering market.

Continued steep declines in the stock market pushed home borrowing rates lower, although they remain much higher than a year ago. Mortgage giant Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage dropped to 4.63 per cent from to 4.75 per cent last week. The key rate stood at 3.93 per cent a year ago.

The rate on 15-year fixed-rate loans fell to 4.07 per cent from 4.21 per cent the previous week.

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