Mortgage rates stay above 5 pct


by the associated press

Thursday, April 29, 2010 at 8:30 a.m.

MCLEAN, Va. — A new survey shows average rates for 30-year fixed mortgages slipped this week, but stayed above 5 percent for the fifth straight week.

The mortgage financier Freddie Mac said Thursday that the average rate for 30-year fixed-rate mortgages was 5.06 percent this week, down a tick from 5.07 percent last week. A year ago, Freddie Mac says 30-year fixed rate mortgages averaged 4.84 percent.

Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended at the end of March. It could be revived if the economy weakens.

The last time rates for 30-year fixed mortgages averaged less than 5 percent was the week of March 25, when they were 4.99 percent.

The Associated Press

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