Rates on 30-year fixed mortgages fell this week to the lowest level of the year and were barely shy of the all-time low, The Associated Press reports.
Mortgage finance company Freddie Mac says the average rate sank to 4.72 percent, down from 4.79 percent last week. It was just above the record of 4.71 set last December.
The average rate on a 15-year fixed-rate mortgage hit 4.17 percent, down from 4.2 percent last week and the lowest on records dating back to August 1991.
Though mortgage rates are at attractive levels, the housing market hasn’t benefited. The number of customers applying for a mortgage to purchase a property fell to the lowest level in 13 years last week and was down 35 percent from a month ago, according to the Mortgage Bankers Association.
That’s a sign the market is struggling without a tax credit of up to $8,000 for first-time buyers, which expired at the end of April.
