Freddie Mac: mortgage rates fall below 5 percent

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Mortgage rates fell to their lowest point since May, according to Freddie Mac’s mortgage survey.

The McLean-based company said the average mortgage rate for a 30-year-fixed home loan were 4.96 percent for the week ended Oct. 1, compared with 5.04 percent last Thursday. In May, the average rate fell to 4.91 percent.

In addition, pending home sales continued to rise as first-time home buyers rushed to beat the Nov. 30 deadline for the $8,000 tax credit.

The National Association of Realtors reported that its index of sales agreements increased 6.4 percent between July and August.

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