Industry NewsMortgage

Mortgages back below 5%

Rates still expected to rise in the long term

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Rates on 30-year fixed-rate mortgages dipped back below 5 percent this week, as mortgage rates followed bond yields lower for the third consecutive week, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.The 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.7 point for the week ending Jan. 21, down from 5.06 percent last week and 5.12 percent a year ago.The 15-year fixed-rate mortgage averaged 4.4 percent with an average 0.6 point, down from 4.45 percent last week and 4.8 percent a year ago.Rates surveyed by Freddie Mac are for prime borrowers taking out loans with 20 percent downpayments. Borrowers taking out loans too large or risky for purchase or guarantee by Freddie Mac can expect to pay more.Rates on 30-year fixed-rate mortgages hit a record low of 4.71 percent in early December, in records dating back to 1971, as the Federal Reserve continued buying up mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginn...