Average rates on 30-year fixed mortgages slip below 5 percent this week

Rates on 30-year mortgages average under 5 pct

McLEAN, Va. — Mortgage financier Freddie Mac says rates on 30-year fixed mortgages slipped below 5 percent this week.

The average rate on a 30-year fixed mortgage was 4.97 percent this week, down from 5.01 percent last week. Freddie Mac says the rate for a 30-year fixed mortgage averaged 5.16 percent at this time last year.

Rates fell to a record low of 4.71 percent in early December. They have held around 5 percent due to a Federal Reserve program to pump $1.25 trillion into mortgage-backed securities to try to keep rates low and make home buying more affordable. That program is set to end March 31.