The typical rate that lenders were offering for 30-year home loans slipped below 5% again this week, the mortgage company Freddie Mac said Thursday.
For 30-year fixed-rate home loans, the combination this week was an average 4.97% in interest with an average of 0.7% of the loan balance in points, according to the survey, conducted Monday through Wednesday.
The low rates have been engineered by the federal government in response to the deep recession. Not since the 1950s have rates remained so low for so long.
The 15-year fixed-rate mortgage this week averaged 4.33% with an average of 0.7% in points, down from 4.40% a week ago.
The five-year Treasury-indexed hybrid adjustable-rate loan, which has a fixed rate for the initial five years, averaged 4.11% with 0.6% of the loan balance in points. It averaged 4.16% a week earlier.