Average rate on 30-year mortgage falls to 3.63 pct.; lowest since May 2013

MarketsAssociated Press

Average long-term U.S. mortgage rates fell for the fourth straight week, with the benchmark 30-year rate again marking its lowest level since May 2013. The average for a 15-year mortgage, a popular choice for people who are refinancing, slipped further below 3 percent.

Mortgage company Freddie Mac says the nationwide average for a 30-year mortgage declined to 3.63 percent this week from 3.66 percent this week last week. The rate for the 15-year loan slipped to 2.93 percent from 2.98 percent last week.

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A year ago, the average 30-year mortgage stood at 4.39 percent and the 15-year mortgage at 3.44 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates.