Mortgage Rates Drop To Another Low, 4.58%  

WASHINGTON,  July 2, 2010.  Mortgage rates have sunk to the lowest level in more than five decades , but consumers aren t rushing to refinance their loans or buy homes.

Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week.

That's down from the previous record of 4.69 percent set last week and the lowest since the mortgage company began keeping records in 1971. The last time they were cheaper was the 1950s, when most long-term home loans lasted just 20 or 25 years.