Fixed mortgage rates inched down this week following a dip in Treasury yields.

The average rate on a 30 year fixed mortgage slipped to 5% from 5.05% last week, Freddie Mac said Thursday.  It hit a 40 year low of 4.17% in November.

The average rate on the 15 year fixed home loan also fell to 4.27% from 4.29%.  It reached 3.57% in November, the lowest level on records dating back to 1991.

Mortgage rates tend to track the yield on the 10 year Treasury note, which slipped this week after the White House unveiled its 3.7 Trillion budget request for the next fiscal year.

New York (AP)