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Mortgage Rates Decline For 5th Week

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The Tampa Tribune

Published: January 15, 2009

McLEAN, Va. - Rates on 30-year mortgages set a record for a fifth straight week by dropping to below 5 percent, the lowest mark since Freddie Mac started tracking the data in 1971.

Mortgage rates have been dropping since late November, when the Federal Reserve said it was going to pump money into the banking system by buying $500 billion in mortgage-backed securities to get banks to lend more money and perhaps aid the ailing U.S. housing market.

Freddie Mac reported Thursday that average rates on 30-year fixed mortgages dropped to 4.96 percent this week, down from the previous record of 5.01 percent established last week.

Rates are at their lowest level since the company started its survey in April 1971, Freddie Mac said.

The rates do not include add-on fees known as points.

The Associated Press

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