Mortgage rate sinks below 5%

The average long-term mortgage rate fell below 5% for the first time in four months, days after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control.

The 30-year rate tumbled to 4.99% from 5.3% last week, Freddie Mac reported Thursday. A year ago, the rate was 2.77%.

The average rate on 15year, fixed-rate mortgages fell to 4.26% to from 4.58% last week.