Average rate on 30-year mortgage falls to 3.76 pct

WASHINGTON – Average long-term U.S. mortgage rates fell sharply this week amid concern over a labor market that has shown recent signs of weakness.

Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage dropped to 3.76 percent from 3.85 percent a week earlier. The rate on 15-year fixed-rate mortgages declined to 2.99 percent from 3.07 percent.