U.S. long-term mortgage rates fell this week to their lowest level in three months, deepening the incentive for prospective homebuyers although they face eroded affordability as prices continue to climb.
![Long-term US mortgage rates slump to 3-month lows](https://media.zenfs.com/en/ap.org/7b320649a4c90af78f3804b08639d058)
Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed-rate mortgage declined to 3.60% from 3.65% last week.
Mortgage rates have shown stability in recent months, buoyed by positive economic data, a strong job market and improved sentiment in the housing market.