Although the rates continue to drop, the housing market is still struggling, those who were looking to refinance at low rates have already managed to do so, however if the rates continue to fall refinancing could pick up again. The high unemployment rate combined with tight credit standards are keeping people from buying homes and after the expiration of the Homebuyer Tax Credit, home sales have weakened significantly.

Freddie Mac collects mortgage rates from lenders across the nation on a weekly basis, Monday through Wednesday and as mortgage rates are so closely tied to treasury bonds, the rates can change significantly even on a given day.