by Calculated Risk on 12/11/2008 10:28:00 AM

From MarketWatch: Freddie Mac: 30-year mortgage average at 4-1/2 year low

The 30-year fixed-rate average was 5.47% with an average 0.7 point for the week ending Dec. 11, down from 5.53% a week ago. Last year the average was 6.11%. The 30-year average has not been lower since March 25, 2004, when it averaged 5.4%, Freddie Mac said.

Wells Fargo is offering a 5.125% 30 year fixed rate mortgage (conforming limit) with 1 point. I'm sure others are offering similar rates.