Freddie Mac survey shows interest rates near record lows

Rates on 30-year mortgages plunged this week to the lowest level since January, and may fall further after the Federal Reserve launched a new effort to prop up the flailing housing market.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.98 percent this week, down from 5.03 percent last week.

Read article by Alan Zibel