After weeks of jumping, U.S. mortgages rates take modest dip

U.S. mortgage rates fell this week after rising to their highest level in four year, according to Freddie Mac.

The 30-year fixed mortgage averaged 4.55 percent for the week ending May 3, down from 4.58 percent the previous week. A year ago, mortgage rates stood at 4.02 percent.

Favorable mortgage rates have helped drive U.S. home sales, as well as the refinance market.

“While mortgage rates have increased by one-half of a percentage point so far this year, it has not impacted home purchase demand,…

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