Nov. 5 (Bloomberg) -- Mortgage rates for 30-year fixed U.S. home loans fell for the first time in a month this week as the Federal Reserve pledged to keep its benchmark rate near zero.

The average 30-year mortgage rate declined to 4.98 percent from 5.03 percent. The 15-year rate was 4.40 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement.

“There will come a point at which the Fed will have to take action that will likely cause mortgage rates to increase, but now is not the time,” said Donald Rissmiller, chief economist at New York-based Strategas Research Partners LLC. “There’s little need to abandon what’s basically been a pretty successful housing policy since March.”

The Federal Reserve set out last year to encourage lower mortgage rates by pledging to buy bonds backed by home loans. It increased the size of the program to $1.25 trillion in March.

The bond purchases from Fannie Mae, Freddie Mac and Ginnie Mae brought down yields on mortgage-backed securities and allowed lenders to reduce rates on new loans while still selling the securities backed by them at a profit. The plan helped drive mortgage rates to a record low of 4.78 percent twice in April.

The central bank’s purchasing program is scheduled to end in the first quarter of next year, the Federal Open Market Committee said on Sept. 23. It reiterated those plans yesterday.

The Fed yesterday kept its benchmark overnight lending rate at between zero and 0.25 percent, where it has been since December.

The Senate voted yesterday to extend an $8,000 tax credit for homebuyers that had been scheduled to expire at the end of the month.

Homebuilders credit the program with boosting sales. The Senate legislation expanded the credit from first-time buyers to some who already own homes and raised income limits for the program. The U.S. House may vote on the measure as soon as today.

To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net.

Last Updated: November 5, 2009 10:26 EST