Nov. 5, 2009 (United Press International) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell below 5 percent in the week ending Nov. 5, the Federal Home Loan Mortgage Corp. (NYSE:FRE) said Thursday.

The 30-year, fixed-rate mortgage averaged 4.98 percent with an average 0.7 points during the week, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 5.03 percent. A year ago, rates averaged 6.2 percent.

At 4.4 percent with an average 0.6 points, the 15-year, fixed-rate average also fell, dropping from the previous week's average of 4.46 percent. A year ago, 15-year, fixed-rate interest rates averaged 5.88 percent, Freddie Mac said.

"Lower mortgage rates should help homeowners lower their monthly payments and feed the ongoing recovery in the housing market," said Frank Nothaft, Freddie Mac vice president and chief economist.