Interest rates on US 30-year fixed-rate mortgages fell below 5 percent on Friday, a significant psychological level that should help the hard-hit US housing market to recover, according to real estate website Zillow.com.
The 30-year fixed-rate mortgage, the most widely used home loan, fell to 4.94 percent on Friday after hovering between 5 percent and 5.10 percent on Thursday and around 5.05 percent a week earlier, according to Zillow Mortgage Marketplace. May was the last time mortgage rates were consistently below 5 percent, Zillow said.