US mortgage rates continue to fall; 30-year loan at 3.51%

WASHINGTON -- U.S. long-term mortgage rates continued to fall this week, breaching already historically low levels and offering an incentive to potential homebuyers.

Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed-rate mortgage dropped to 3.51% from 3.60% last week. The benchmark rate stood at 4.46% a year ago.

The average rate on a 15-year mortgage declined to 3% from 3.04% last week.

Federal Reserve policymakers continued to hold interest rates low at their latest meeting this week. But the Fed chair warned that the viral outbreak in China poses a new threat to the strengthening global economy.