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Rate on 30-Year Mortgage Dips to 5 Percent

Fixed mortgage rates inched down this week, following a dip in Treasury yields.

Mortgage rates down
Mortgage rates down

Freddie Mac says the average rate on a 30-year fixed mortgage slipped to 5 percent from 5.05 percent last week. It hit a 40-year low of 4.17 percent in November.

The average rate on the 15-year fixed home loan also fell to 4.27 percent from 4.29 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 slipped this week after the White House unveiled its $3.7 trillion budget request for the next fiscal year. The yield had spiked last week on fears of higher inflation.

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  • Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.