It seems like every week, mortgage interest rates are pushed to a new low. Last week, interest rates of 4.54% for a 30-year fixed loan were reported, the lowest since since Freddie Mac began tracking rates in 1971. This week the trend continues.

Mortgage rates are now at probably at their lowest level in at least 60 years. Freddie Mac said Thursday that the average 30-year fixed-rate mortgage was 4.49%, offering the most attractive opportunity for those who qualify to refinance or purchase a home. 15-year fixed-rate loan average l3.9%, the lowest on record. It is the sixth time in seven weeks that interest rates have reached a new average record low.

The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years.

So why have sales of previously occupied homes been sinking? A variety of reasons may be keeping people from house hunting. Many home buyers already took the plunge into the housing marking when the federal government was offering $8,000 first time home buyer rebates. Some potential borrowers don’t have the income or down payment to buy. And for home owners, refinancing is difficult because so many mortgages are now under water.

Are you one of the lucky ones with a secure job and a ready down-payment? Twin Cities home builders like Norton Homes are striking great deals with would-be home owners.

Mortgage rates fell for the second straight week to the lowest point in 50 years. However, many people either don’t qualify for new mortgages or aren’t looking for a home because they already took advantage of low rates and a tax credit earlier this year.

Mortgage company Freddie Mac reported Thursday that the average interest rate on a 30-year fixed mortgage dropped to 4.57% this week. That’s down from the previous record low of 4.58% set last week. It’s the lowest since Freddie Mac began tracking rates in 1971. The last time rates were lower was in the 1950s.

Low rates have yet to fuel home sales. The housing market has slowed since federal tax credits for homebuyers expired on April 30th. Mortgage rates have hovered near record lows for a while, so most people who can afford to buy homes or qualify to refinance their loans have already done so.

Rates on 15-year fixed-rate mortgages increased to an average of 4.07%, up from 4.04% last week. That was the lowest on records dating to September 1991. Rates on five-year adjustable-rate mortgages averaged 3.75%, down from 3.79% a week earlier. That was also the lowest on Freddie Mac’s records, which date back only to January 2005.

Thinking of buying a new home? Though the first time home buyer credit has expired, interest rates are low and home builders like Norton Homes are making incredible deals available to potential home owners.

A recent report shows that interest rates for mortgages are affordably low. FreeRateUpdate.com researches over 2 dozen wholesale lenders’ rate sheets on a daily basis to determine the most accurate rates available.

Conventional 30-year fixed mortgages are still available at 4.375% for well-qualified consumers. 15-year fixed mortgages remain available at 3.875%. Even 30-year fixed jumbo loans are available today at 5.375%.

FHA mortgage rates at a similar rate, with 30-year fixed FHA loans offered at a 4.375% rate. APR for FHA loans is higher, though, because of MI and other FHA fees. Still, because of its minimum down-payment of just 3.5%, FHA loans have been most popular among home-buyers.

Wells Fargo, which originates the greatest volume of new mortgages, recently advertised a 30-year fixed-rate of 4.75% with an APR of 4.939.

Thinking of buying or building a home? Even if the federal first time home buyer credit and the related credit for next-home seekers isn’t available, interest rates are low enough to make it worth your while.