Average rate on 30-year mortgages falls to 3.61 percent

WASHINGTON – Long-term U.S. mortgage rates fell this week, following the Federal Reserve’s decision not to raise its benchmark interest rate.

The decline put long-term mortgage rates near their low levels for the year, offering an inducement to prospective home buyers during the spring buying season.

Mortgage buyer Freddie Mac says the average 30-year fixed-rate mortgage declined to 3.61 percent from 3.66 percent last week. It’s far below its level a year ago of 3.80 percent.

The average rate on 15-year fixed-rate mortgages slipped to 2.86 percent from 2.89 percent last week.