Average US 30-year mortgage rate falls to 3.89 percent

WASHINGTON (AP) — Long-term U.S. mortgage rates fell this week, as the benchmark 30-year rate declined for the fourth straight week to its lowest level in nearly seven months.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate home loans dropped to 3.89 percent from 3.94 percent last week.

Mortgage rates often track the yield on the 10-year Treasury note.