Interest Rates continue to decline

Rates on 30-year mortgages fell to the lowest level on record for the second consecutive week after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

Mortgage giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.78 percent this week, from 4.85 percent last week.

It was the lowest in the history of Freddie Mac's survey, which dates back to 1971. Rates are down by more than a full percentage point from a year ago.

People are refinancing their homes at a record rate but lenders are still being pretty picky about who they loan money to, consumers need good credit scores, 620 and above to qualify for the best rates. Despite these great rates, I am still having a hard time getting buyers off the fence. I may have to start looking for incentives of my own to start offering to buyers. So to speak, my own stimulus package.