Surge in refis levels off

30-year fixed rates still dropping

Interest rates on 30-year fixed-rate loans continue to drop into uncharted territory, but a surge in refinancings appears to be levelling off, two surveys of lenders suggest.

Rates on 30-year fixed-rate mortgage (FRM) loans averaged 5.10 percent with an average 0.7 point for the week ending Dec. 31, down from 5.14 percent last week, Freddie Mac said today in releasing results of its Primary Mortgage Market Survey.