Mortgage Rates Back Below 5%

Washington, DC, March 4, 2010--The 30-year fixed mortgage rate average dipped below 5%, according to Freddie Mac.

The average was 4.97% for the week ending March 4, down from last week's 5.05%. A year ago, the average was 5.15%

"Thirty-year fixed mortgages fell below 5% to match levels seen two weeks ago and are helping to maintain affordable home-purchase conditions," said Frank Nothaft, Freddie Mac chief economist, in a press release.

"In fact, monthly principal and interest mortgage payments for a typical family buying a median-priced home of $163,800 were just $709 in January, the lowest amount since February 1998, according to the National Association of Realtors."