The 30-year mortgages rates remained to almost flat as the Federal Reserve stated it would keep rates near record lows to help the economy to recover.

Freddie Mac stated last Thursday, the average rate on a 30-year fixed mortgage was 4.98 percent for the week, which down slightly from 4.99 percent last week. Last year at this time, the average rate for a 30-year fixed mortgage was 5.10 percent.

Rates are still above the record low of 4.71 percent set in early December.

Low interest rates also lean to lure borrowers to refinance. In last year’s fourth quarter, 33 percent of borrowers who refinanced their mortgage opted to lower their principal balance rather that extract cash from their home equity, the highest share since Freddie Mac started tracking refinance transactions in 1985.

Rates on five-year, adjustable-rate mortgages averaged 4.25 percent that is down from 4.27 percent a week earlier. Rates on one-year, adjustable-rate mortgages declined to 4.29 percent from 4.32 percent.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey averaged 0.6 point for 30-year, 15-year and five-year loans. It averaged 0.5 point for one-year loans.