The rate on the 30-year mortgage fell last week, staying below 5 percent. But low rates have done little to lift the struggling housing market, The Associated Press reports.
Freddie Mac says the average rate on the 30-year loan declined to 4.80 percent from 4.91 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year fixed mortgage fell to 4.02 percent from 4.13 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell earlier this week.
