WASHINGTON (AP) — One week after the Federal Reserve raised short-term interest rates from record lows, the average on a 30-year fixed-rate mortgage went the other way.

Mortgage giant Freddie Mac says it dipped to 3.96 percent from 3.97 percent last week. The drop is a reminder that the Fed has only an indirect influence on long-term mortgage rates, which more closely track the yield on the 10-year U.S. Treasury note.