Rates on a 30 year fixed rate mortgage has dropped drastically, according to mortgage giant Freddie Mac. Coming in at an even 5%, these rates are lowest the market has seen since the end of March this year.

Many economists feared the worst when the FED program that pumped $1.25 billion into mortgage backed securities in an attempt to keep mortgage rates at or around 5% expired at the end of April, however to date this has not been a problem, rates continued to remain around 5%.

Freddie Mac collects mortgage rates from lenders around the nation on Monday through Wednesday, as they are closely tied to long term treasury bonds, rates can fluctuate significantly even on a given day.

Rates do include add-on fees or points. One point is equal to 1% of the total amount of the loan.