Freddie Mac says the rate on the 30-year home loan fell from 3.94 percent the previous week. The average on the 15-year fixed mortgage was unchanged at 3.21 percent. That's also a record.
Low rates offer a historic opportunity for those who can afford to buy a home or refinance. But many Americans either can't take advantage of the rates or have already done so.
Rates have been below 5 percent for all but two weeks in 2011. Even so, this year is shaping up to be one of the worst ever for home sales.