Average US 30-year mortgage rate falls to 4.09 percent

(AP) – Long-term U.S. mortgage rates have declined for the third week in a row, following a nine-week run of increases.

Mortgage buyer Freddie Mac says the rate on 30-year fixed-rate loans fell to an average 4.09 percent this week from 4.12 percent last week. That's still sharply higher than a 30-year rate for all of 2016, which averaged 3.65 percent, the lowest level recorded from records going back to 1971. A year ago, the benchmark rate stood at 3.81 percent.

The average for a 15-year mortgage declined to 3.34 percent this week from 3.37 percent last week.