30-year mortgage rate hits new low for the year

WASHINGTON - Average U.S. long-term mortgage rates fell this week, with the benchmark 30-year loan rate reaching a new low for the year.

The rates' historically low levels could be a boon to potential homebuyers. Mortgage company Freddie Mac says the nationwide average for a 30-year mortgage dropped to 3.80 percent this week from 3.93 percent last week. It is now at its lowest level since May 2013.

At the beginning of the year, the 30-year rate stood at 4.53 percent.

The average for a 15-year mortgage, a popular choice for people who are refinancing, declined to 3.09 percent from 3.20 percent last week.

Mortgage rates often follow the yield on the 10-year Treasury note, which has fallen to its lowest levels since May 2013. It traded at 2.14 percent Wednesday.