Mortgage Rates on 30-Year U.S. Loans Fall to 4.93%

U.S. mortgage rates fell for the third straight week as investors filled a void left by the end of a Federal Reserve program to purchase bonds backed by home loans.

Rates for 30-year fixed loans dropped to 4.93 percent in the week ended today from 5 percent last week, Freddie Mac said in a statement. The average 15-year rate was 4.3 percent, the McLean, Virginia-based mortgage finance company said.

Low home loan rates may help support a housing recovery as a government tax credit for homebuyers expires. The central bank has pledged to keep rates low for an extended period as the economy recovers. Home prices rose in 91 U.S. metropolitan areas in the first quarter compared with a year earlier, the National Association of Realtors said May 11.

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- Posted: 2010-05-13 11:02:10

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