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US average mortgage rates ease; 30-year at 4.83 percent

Long-term U.S. mortgage rates declined this week, in a quiet pause after weeks of market anxiety over rising interest rates.

Home borrowing rates still remain at their highest levels in more than seven years, dampening the outlook for prospective homebuyers. Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages eased to an average 4.83 percent this week from 4.86 percent last week. A year ago, it stood at 3.94 percent.

The average rate on 15-year, fixed-rate loans slipped to 4.23 percent this week from 4.29 percent last week.

Anxiety over rising interest rates, which result from strength in the economy, has buffeted financial markets in recent weeks and spilled over into the housing market.

U.S. stocks rallied on Tuesday and Wednesday after falling sharply from early October through the last few days of the month — a skid that wiped out their gains from earlier in the year.

AP FACT CHECK: Ads attack Stitt's mortgage business record

Republican nominee for Oklahoma governor Kevin Stitt has been criticized by his Democrat opponent for his record as the head of a mortgage company.

Stitt, running as a businessman and outsider, is locked in a tight race against Democratic Drew Edmonson, a former attorney general who served 16 years before making an unsuccessful bid for governor in 2010.

Democrats have attacked the business record of Stitt, who founded Oklahoma-based Gateway Mortgage Group in 2000 and stepped down as the company's CEO in August, before he secured the GOP nomination in the race to replace term-limited Republican Gov. Mary Fallin.

The Democratic Governors Association takes aim at his history with Gateway in a television ad that began running earlier this month.

A look at the claims:

AD: "Stitt's company was ranked one of the shadiest mortgage lenders ... and has been sued dozens of times, and suspended in multiple states."