Long-term U.S. mortgage rates fell this week as the benchmark 30-year home loan reached a new all-time low.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the key 30-year loan declined to 3.13% from 3.21% last week. It was the lowest level since Freddie began tracking average rates in 1971. A year ago, the rate stood at 3.84%.

The average rate on the 15-year fixed-rate mortgage eased to 2.58% from 2.62%.