Summary Box: Mortgage rate on 30-year below 4 pct.

AP News
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Posted: Oct 06, 2011 5:01 PM
Summary Box: Mortgage rate on 30-year below 4 pct.

NEW RECORD: Freddie Mac said Thursday the rate on the 30-year fixed mortgage fell this week to 3.94 percent from 4.01 percent. That's the lowest ever and the first time rates on the loan have fallen below 4 percent in history.

FEW TAKERS: The super-low rates haven't been enough to lift the housing market, which has struggled with bad sales and falling home prices.

BIG OBSTACLES: For many Americans, buying a house is too big a risk when unemployment is high, raises are scarce and millions of foreclosures are forcing down prices. Others can't qualify because of higher credit scores and little or negative home equity.