Mortgage rates continue to fall

NEW YORK (CNNMoney.com) - Mortgage rates fell this week, reaching levels not seen since January, as the government steps up its efforts to aid the ailing housing market.

Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.53 percent for the week ending December 3. That's down from 5.97 percent last week and below the 5.96 percent rate at this time last year.

The 30-year rate has not been this low since January 24, when it averaged 5.48 percent.