Rates on 30-year fixed-rate mortgages dropped below 5 percent this week — something never seen before in the 37 years Freddie Mac’s been conducting its Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage (FRM) averaged 4.96 percent with an average 0.7 point for the week ending Jan. 15, down from 5.01 percent last week and 5.69 percent a year ago.

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