Mortgage Rates Sink to 5-Month Low

Just in time for the spring buying season, mortgage rates have fallen to their lowest level in five months, according to a lender survey released this week. This marks the fourth straight week in which mortgage rates have dropped.

The benchmark for conforming 30-year fixed rate mortgages fell to 4.88 percent, down from 4.95 percent last week, according to Bankrate's weekly survey of the 10 largest lenders. Similarly, 15-year fixed sank to 4.05 percent, down from 4.14 percent last week. Variable rate loans were also lower, with 5/1 ARMs slipping to 3.69 percent.