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Rates on 30-year mortgages average under 5 pct

Associated Press

Posted on February 11, 2010 at 9:02 AM

Updated Thursday, Feb 11 at 9:02 AM

McLEAN, Va. (AP) — Mortgage financier Freddie Mac says rates on 30-year fixed mortgages slipped below 5 percent this week.

The average rate on a 30-year fixed mortgage was 4.97 percent this week, down from 5.01 percent last week. Freddie Mac says the rate for a 30-year fixed mortgage averaged 5.16 percent at this time last year.

Rates fell to a record low of 4.71 percent in early December. They have held around 5 percent due to a Federal Reserve program to pump $1.25 trillion into mortgage-backed securities to try to keep rates low and make home buying more affordable. That program is set to end March 31.

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