The 30-year fixed mortgage rate, the interest for the most popular home loan product, dropped below 5% for the first time in four months.
According to the latest data, released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 4.99% with an average 0.8 point. (A point is a fee paid to a lender equal to 1% of the loan amount. It is in addition to the interest rate.) It was 5.3% a week ago and 2.77% a year earlier.