Mortgage rates still below 5%

Freddie Mac's weekly survey of home loans show that rates remain under 5%, and have fallen slightly from the previous week.

The typical interest rate on a 30-year fixed mortgage was 4.82% for the week, down from 4.87% last week. Points and fees charged by lenders dropped from an average 0.7% of the loan amount to 0.6%, Freddie Mac said.

Driven down by aggressive actions at the Federal Reserve and Treasury Department, the rates dipped below 5% last month and bottomed out at 4.78% during the week that ended April 2. Last year at this time, a 30-year fixed rate loan averaged 5.88%, according to Freddie Mac.

Rates on 15-year fixed loans this week averaged 4.48% with 0.6% in average lender charges.

The survey looks at borrowers who can qualify for the loans that Freddie Mac will buy or guarantee. Obviously, jumbo loans above $729,750 are not included in this survey.

(*Source: LA Times)