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Average US rate on 30-year mortgage drops to 3.75 percent

This Jan. 8, 2015 photo shows a sign advertising lots for new homes for sale in Richmond, Va. Freddie Mac, the mortgage company, releases weekly mortgage rates on Thursday, March 5, 2015. (AP Photo/Steve Helber) This Jan. 8, 2015 photo shows a sign advertising lots for new homes for sale in Richmond, Va. Freddie Mac, the mortgage company, releases weekly mortgage rates on Thursday, March 5, 2015. (AP Photo/Steve Helber)

By Associated Press March 5, 2015 1 min read

WASHINGTON (AP) – Average long-term mortgage rates have fallen for the first time in four weeks and remain near historic lows reached in May 2013.

Mortgage giant Freddie Mac says the national average for a 30-year, fixed-rate mortgage fell to 3.75 percent from 3.80 percent last week.

The rate for a 15-year mortgage, popular with homeowners who refinance, fell to 3.03 percent from 3.07 percent last week.

A year ago, the average 30-year mortgage stood at 4.28 percent and the 15-year mortgage at 3.32 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates.