Average 30-year mortgage rate declines to 3.43 percent

WASHINGTON — Long-term U.S. mortgage rates declined this week after rising for three straight weeks. Mortgage giant Freddie Mac said Thursday the average for the benchmark 30-year fixed-rate mortgage fell to 3.43 percent from 3.48 percent last week. The average rate is down sharply from 3.91 percent a year ago. The 15-year fixed mortgage rate dipped to 2.74 percent from 2.78 percent last week. Record-low interest rates this year have helped spur home purchases and boost the housing market. The Federal Reserve has been holding its key short-term rate near zero since 2008, and a Fed statement last week led many economists to conclude that a strengthening economy would lead the central bank to resume raising rates as soon as September. But after a government report last Friday showed a lackluster economy in the second quarter, many economists said a September rate hike was now probably off the table.