Mortgage Rates Are Back Below 5%

Long-term mortgage rates are back below 5 percent, according to Freddie Mac’s weekly rate report.  The average rate on a 30-year fixed-rate mortgage fell to 4.97 percent in the week ending Feb. 11, down from 5.01 percent last week. A year ago, 30-year mortgages were averaging 5.16 percent, said Freddie Mac, which has a regional office in Atlanta.  It is the third week this year that long-term mortgage rates have dropped below 5 percent.  The lower interest rate calculates to thousands of dollars in interest savings over the term of your loan.