Although the average rate on a 30-year fixed rate mortgage remains above 5%, the rates dropped this week from 5.21% to 5.07%, according to mortgage giant Freddie Mac.

Freddie Mac collects mortgage rates from lenders around the nation Monday through Wednesday, as the rates are closely tied in with long term treasury bonds, the rates can fluctuate daily.

The FED program that was keeping mortgage rates at or around 5% by purchasing mortgage backed securities expired at the end of March, leaving many economists in the belief that the mortgage rates would begin to rise.   The FED did however; announce that if the economy began to weaken that they would indeed take into consideration the option of reviving the program.