Mortgage rates drop slightly

After a slow but steady climb, mortgage rates eased up last week, according to The Wall Street Journal.

Freddie Mac’s weekly survey found that the average rate on a 30-year, fixed-rate mortgage fell to 4.95%. It had been hovering at or above 5% the past few weeks. Rates rose after yields on Treasury debt increased, pushing mortgage rates to their highest levels since last April.

The rates on a 15-year fixed-rate mortgage also dropped, falling to 4.22% from 4.27% a week earlier.