Mortgage rates fall to historic lows.

Fixed mortgage rates have fallen to historic lows. That's good news for the few who can afford to buy a home or are able to refinance. But, at the same time rates have done little to lift the ailing housing market.


Freddie Mac said Thursday that the average rate for the 30-year fixed mortgage fell to 4.32 percent this week from 4.39 percent. The 30-year loan hit a record low of 4.17 percent in mid-November.

Many people can't take advantage of the low mortgage rates. Banks have been insisting on higher credit scores and larger down payments from applicants. Others have too little equity invested in their homes to qualify for loans.

Historically low rates have helped fuel another boom in refinancing. Fast growing contract mortgage processing company, PrivoCorp, expects that refinance volumes will pick up significantly in the short term."We are getting ready to provide services to meet the increased refinancing that are the direct result of low interest rates in 2011" according PrivoCorp CEO. PrivoCorp is a licensed contract processing company providing services across the country to brokers and lenders of various sizes.