The average rate on a 30-year fixed mortgage dropped for a 10th straight week, to the lowest on record, as the government began buying mortgage bonds to stimulate housing demand, Freddie Mac said Thursday.
The average rate dropped 9 basis points from a week earlier, to 5.01%, Freddie said.
That figure was the lowest since the government-sponsored enterprise started keeping records in 1971.
The Federal Reserve Board started buying mortgage-backed securities this week as part of a $500 billion program to support real estate demand.
