Long-term US mortgage rates fall; 30-year at 4.40 percent

WASHINGTON (AP) — Long-term U.S. mortgage rates fell this week, benefiting potential homebuyers with the spring buying season underway.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages dipped to 4.40 percent from 4.44 percent last week. The benchmark stood at an average 4.10 percent a year ago.

The decline followed scant movement in long-term rates last week and a months-long stretch of increases in January, February and early March as interest rates generally rose.

The average rate on 15-year, fixed-rate loans declined to 3.87 percent from 3.90 percent last week.