According to a new survey released by Freddie Mac announced the lowest 30 year mortgage rate at 4.57%. These mortgage rates are linked to the yields on Treasuries and also the yields on mortgage-backed securities.

In an article for Reuters written by Julie Haviv:

While low rates and high affordability have helped the housing market gain ground, it has struggled in recent months given stubbornly high unemployment and mounting foreclosures. Home loan refinancing, however, puts more cash into consumers’ hands to funnel into the U.S. economy and could help many homeowners avoid foreclosure.

Being able to take advantage of these historic low rates is essential in keeping the fixed cost of housing under control. However, being able to qualify comes down to your credit rating, income, and also the value of your home. Many people may only have one or two items in the preceding list which is why the housing market is the way that it is today.

The best thing you can do if you are not able to take advantage of these current record low rates is to start working on those three above factors so that you will be in a position to take advantage of refinancing at a low rate. This low trend should continue at this low rate for the foreseable future, but it can’t stay this low forever!