Mortgage rates below 5% for first time since April

Photo by: WDAY Radio Staff
Photo by: WDAY Radio Staff

(Washington, D.C.) -- Mortgage rates are dropping.

For the first time since April, rates are below five percent. Economic concerns have caused rates to fluctuate in recent months, as they soared to a high of five-point-eight percent in June.

While rates have dropped in recent weeks, they have a way to go to catch the 30-year rate from this time a year ago, which was around two-point-eight percent.