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January 09, 2009 9:35 AM

McLean-based Freddie Mac reported this week that mortgage rates have fallen to their lowest levels since the mortgage finance company started tracking rates in 1971.

The average 30-year fixed mortgage rate fell to 5.01 percent, according to the company. Average mortgage rates have been declining for the past 10 weeks, falling 1.5 percent since October.

Part of the decline came as the Federal Reserve bought mortgage-backed securities from Freddie Mac, Fannie Mae and Ginnie Mae.

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