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Mortgage rates moving downward for fifth straight week

Mortgages rates continued to decline last week.

Mortgages rates continued to decline last week.

According to Freddie Mac's most recent data, mortgages rates were on the decline for the fifth straight week, declining for both 30-year and 15-year home loans.

For 30-year mortgages, the rate dropped to 4.61 percent, down from 4.63 percent the previous week. Year-over-year, the rate is also down, falling from 4.84 percent. The 30-year rate is now the lowest it's been since the week ending December 9, 2010. The 15-year rate also dropped, declining from 3.82 percent in March to 3.80 percent.

"Fixed mortgage rates inched down for the fifth consecutive week as financial markets try to ascertain the current strength of the economy," said Frank Nothaft, chief economist at Freddie Mac.

Despite the low rates, the real estate market remains largely unchanged. Increased foreclosures, tighter credit regulations and the high unemployment rate have all contributed to create a stagnant market. According to Bloomberg, more than half of current U.S. homeowners and renters believe the market will not return to full health until at least 2014.

While the 30-year rate is the lowest it's been all year, its low point was reached last November, when it bottomed out at 4.17 percent.