The average rate on a 30-year fixed rate mortgage dropped to the lowest point of 2011 this week, according to mortgage giant Freddie Mac.

Dropping to 4.61% from 4.63% the week before, these low rates still are not enough to help jumpstart the struggling real estate market. High unemployment, continually dropping home prices as well as tight lending standards are keeping potential homebuyers on the sidelines.

As mortgage rates are closely tied in with long-term Treasury notes, the rates can change significantly, even on a given day. Since the notes have fallen to lowest level seen since mid-December of 2010, the rates have followed.

Rates on a 15-year mortgage also fell this week from 3.82% down to 3.80%. The 15-year mortgage is a popular refinance option and the number of borrowers looking to refinance is at the highest so far this year, according to the Mortgage Bankers Association. Increasing 33% over the last five weeks, refinance activity is reflecting the decline in mortgage rates.

Freddie Mac collects mortgage rates weekly from Monday through Wednesday from lenders across the nation. Rates do not include the add-on fees, also known as "points". One point is equal to 1% of the total loan amount. According to Freddie Mac the average fee for a 30-year fixed rate mortgage and 15-year fixed rate mortgage was 0.7 point.