Mortgage Rates, Refinance | featured news

Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes. But few are able to take advantage of the historic rates.

2012 looks to be another year of opportunity for the few who can afford to buy or refinance a home.

Fixed mortgage rates have fallen to their lowest levels of the year, giving Americans more incentive to buy homes or refinance their loans. Freddie Mac said Thursday the average rate on the 30-year loan fell to 4.63 percent from 4.71. The average rate on the 15-year fixed mortgage slipped to 3.82 percent from 3.89 percent. Both are at their lowest points since December. It marked the fourth straight weekly decline.

A six-month decline in mortgage rates has spurred a surge in refinancing while doing little to increase property demand as US unemployment hovers near 10 percent.