Rates on 30-year mortgages drop to 4.93 pct, second straight weekly decline

Rates on 30-year home loans fall to 4.93 pct

WASHINGTON — Rates for 30-year home loans have edged lower for the second straight week, but remain above last year’s record lows.

The mortgage finance company Freddie Mac said Thursday that the average rate on a 30-year fixed rate mortgage fell to 4.93 percent this week from 4.97 percent a week earlier.

Rates dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers’ borrowing costs.