Mortgage rates are continuing on their six-week record low, although the reduced rates on a 30-year fixed mortgage aren't translating into more sales like they're intended to, according to a report from the Associated Press.
Numbers that Freddie Mac released Thursday show that the rate on 30-year home loan was down to 3.99 percent, down slightly from the 4 percent it was at the week before. Nine weeks ago, it hit its lowest rate of 3.94 percent.
15-year fixed mortgages are even lower, down 3.27 percent to 3.30 percent. Those were also at their lowest nine weeks ago, at 3.26 percent.
Traditionally, the low interest rates have been an incentive for buyers to become homeowners and take advantage of a lesser payback system, but home sales aren't seeing a boost. In fact, so far, numbers show this could be the second worst year in recent history, up just slightly from last year, which was the worst in 13 years for sales of previously occupied homes.
New home sales are even worse, possible heading for the worst year on record.
One thing that has increased is the number of homeowners looking to stay in the house they own, but refinance their mortgages. Applications to receive federal lending were also up, although research says a small number of those actually end up buying.
