McLEAN, Va. (Associated Press) – The average rate on a 30-year fixed-rate mortgage fell to 5.07 percent last week. The previous week it was at 5.21 percent, its highest rate since August, when it was 5.29 percent.
Rates hit 4.71 percent in December, a record low, because of a Federal Reserve campaign to reduce borrowing costs for consumers. The program ended in March but could be reinstated if the economy weakens.
Last week, the average rate on a 15-year, fixed-rate mortgage was 4.4 percent, down from 4.52 percent the week before.
Five-year adjustable-rate mortgage rates averaged 4.08 percent, a fall from 4.25 percent the prior week. Rates on one-year, adjustable-rate mortgages fell from 4.14 percent to 4.13 percent last week.