US long-term mortgage rates fell last week following a rise the week before, making September the most volatile month for the key 30-year loan since March.
Mortgage rates have been running near historic lows, spurring prospective home buyers, amid an uncertain economic outlook. Mortgage buyer Freddie Mac said last Thursday that the average rate on the 30-year fixed-rate mortgage dropped to 3.64 percent from 3.73 percent last week. By contrast, the average rate stood at 4.72 percent a year ago.
The average rate for 15-year fixed-rate home loans declined last week to 3.16 percent from 3.21 percent the week before.
The average rate for five-year adjustable-rate mortgages fell to 3.38 percent from 3.49 percent.
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