Mortgage rates for a 30-year loan dropped for a third week.

According to McLean and Freddie Mac, the rate for a 30-year home loan dropped to 4.99 percent this week, from 5.06 percent. Last month mortgage rates reached a record low of 4.71 percent. A 15-year home loan was 4.4 percent.

The low mortgage rates may help boost the housing market. According to data from the Mortgage Bankers Association, last week the low mortgage rates helped mortgage applications increase by more than 9 percent.

Last year, the Federal Reserve program purchased $1.25 trillion in securities backed by home loans, which helped lower mortgage rates. The Federal Reserve's program will expire at the end of this quarter.

Purchases from Fannie Mac, Freddie Mae and Ginnie Mae allowed lenders to drop mortgage rates while still selling the bonds as profits.

According to the Mortgage Bankers Association, mortgage applications increased 9.1 percent last week.