Average rate on 30-year mortgage dips to 5 percent

NEW YORK -- Fixed mortgage rates inched down this week, following a dip in Treasury yields.

Freddie Mac says the average rate on a 30-year fixed mortgage slipped to 5 percent from 5.05 percent last week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year fixed home loan also fell to 4.27 percent from 4.29 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

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