Freddie Mac says the rate on the 30-year home loan fell from 3.94% the previous week. The average on the 15-year fixed mortgage was unchanged at 3.21%. That's also a record.

Low rates offer an historic opportunity for those who can afford to buy a home or refinance. But many Americans either can't take advantage of the rates or have already done so.

Average mortgage rates have been below 5% for all but two weeks in 2011. Even so, this year is shaping up to be one of the worst ever for home sales.

Rates could fall further still. Many economists think the yield on the 10-year Treasury note could creep lower in 2012. Long-term mortgage rates tend to track the 10-year yield.

Should the Federal Reserve launch a new program of bond purchases to try to help the economy, it could further drive down mortgage rates.

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