WASHINGTON — Cheaper mortgage rates encouraged Americans to snap up existing homes in November, pushing sales to the highest level in three months.

        The National Association of Realtors reported Thursday that sales of previously occupied homes rose by 4.4 percent last month to a seasonally adjusted annual rate of 5.22 million. That was the highest level since a rate of 5.28 million in August.

        “Mortgage interest rates have dropped three-quarters of a percentage point since peaking in May, which is keeping sales strong in the closing months of the year,” said David Lereah, the association's chief economist.

        Mortgage rates have fallen since hitting a five-year high of 8.64 percent in May. The average rate nationally on a 30-year, fixed-rate mortgage in November was 7.75 percent, down from 7.80 percent in October. Last week, rates fell to a 19-month low of 7.17 percent.
       — The Associated Press

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