Fixed mortgage rates fell in the past week to be at the lowest level since the 1950′s. But because of everyone being under water, few Americans can take advantage of the historically low rates.

Freddie Mac indicated that the average rate on the 30-year fixed mortgage fell to 4.09 percent this week, down from 4.12 percent last week.

The average rate on the 15-year mortgage, a well known refinancing option, fell to 3.30 percent from 3.33 percent. Expert economists say it is likely the lowest rate on the 15-year since they have been keeping track.

People who have been stuck with homes in Florida have been turning to property management services instead of taking a loss. They often can’t afford to bring cash to closing to take the loss, but don’t qualify for a short-sale from their financial institution.

No tags