30-year fixed dips below 5%

Mortgage rates expected to rise in long term

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Rates on 30-year fixed-rate mortgages averaged 4.97 percent with an average of 0.7 point this week, down from 5.01 percent a week ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

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.