Although the mortgage rates are hitting not only the lows for the year, but possibly the decades, it's just not enough incentive for potential home buyers and refinancers. The lack of confidence in the economy, including the job market, is keeping people from making that big purchase.

Mortgage giant, Freddie Mac collects rates from lenders across the country weekly Monday through Wednesday. This week the mortgage rate on a 30-year fixed rate mortgage came in at 4.63%. This marks the lowest rate seen in five months, when the rates dropped to the lowest rate in 40 years. In November of 2010 the rates fell to 4.17%.

Mortgage rates tend to follow long-term Treasury notes and as the uncertainties with the economy continue, investors are shifting their funds to safer investments. As the rates follow the long-term notes they can change significantly even on a given day.