WASHINGTON (AP) — U.S. long-term mortgage rates fell this week to their lowest level in three months, an inducement to prospective homebuyers in a haltingly recovering market.

Continued steep declines in the stock market pushed home borrowing rates lower, although they remain much higher than a year ago. Mortgage giant Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage dropped to 4.63 percent from to 4.75 percent last week. The key rate stood at 3.93 percent a year ago.

The rate on 15-year fixed-rate loans fell to 4.07 percent from 4.21 percent the previous week.