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Mortgage Rates fell to 5.01%

According to Freddie Mac, a mortgage lender sponsored by the government, the average fixed rates on 30-year mortgage touch down to 5.01% for the week ending on Jan 8. It has significantly come down from 5.10%, the average in the last week. The average stood at 5.87% this time last year. Since 1971, when Freddie Mac began conducting the survey, the rate has not dipped to such level and hence, the current rate of mortgage is the new all-time low. In fact, the rate is declining consecutively for the last ten weeks and every time a new record is set.

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