The average rate on the 30-year fixed mortgage hovered above its record low for a fifth straight week. Despite the great opportunity, few have the means or stomach to buy or refinance in the depressed housing market.
Freddie Mac said Thursday the rate on the 30-year home loan rose slightly to 4 percent from 3.98 percent the week before. Eight weeks ago, it dropped to a record low of 3.94, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage was unchanged at 3.30 percent. Eight weeks ago, it too hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.
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