There is welcoming news for people seeking home loans. Average interest rates have declined to a near record low.

According to reports, average rates of interest for 30-year home loan period has plummeted to 5.07% with an additional 0.6% in fees for the week ending April 15. This has come down from an average of 5.21%, which was observed a week earlier, according to Freddie Mac's Primary Mortgage Market Survey.

There also have been reports which state that a 15 year fixed mortgage rate has also fallen to low for the week ending April 15, 2010. The average fixed 15 year mortgage rate below 4.50% and at 4.40%, which has come down from last week's average rate of 4.52%. Mortgage has been reduced by an average 0.7 points.

Frank Nothaft, Freddie Mac Vice President and Chief Economist, reported that the interest rates had been rising for four subsequent weeks, before they fell and maintained status quo for two weeks. They have remained since at a historic low.

At the starting of this year economists had anticipated that interest rates would elevate as the Federal Government had stopped providing money to home mortgages.