Average US mortgage rates fall; 30-year at 4.53 percent

WASHINGTON (AP) — Long-term U.S. mortgage rates fell this week for the second straight week, with relatively lower rates continuing to fail to spark home sales.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages dipped to 4.53 percent from 4.59 percent last week. Long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 percent on May 24. By contrast, the rate stood at 3.89 percent a year ago.

The average rate on 15-year, fixed-rate loans fell to 4.01 percent this week from 4.05 percent last week.