Summary Box: Fixed mortgage rates fall this week

AP News
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Posted: May 05, 2011 2:24 PM

MORTGAGE RATES FALL: Freddie Mac said the average rate on a 30-year fixed mortgage fell to 4.71 percent and the rate on the 15-year fixed loan slipped to 3.89 percent. It was the third straight decline.

2011 LOWS: The rate on the 30-year home loan matched this year's low reached in January. The rate on the 15-year mortgage dipped to its lowest level this year.

BUSY TIME FOR HOUSING: Rates fell for the third straight week and remain attractively low during the peak homebuying season. Still, housing activity remains muted.