Summary Box: Average rates for 30-year mortgages fall to 4.72 pct., just above record low

Summary Box: Mortgage rates hit low for year

LOWEST RATES OF YEAR: Rates on 30-year fixed mortgages fell this week to an average of 4.72 percent, the lowest level of the year and barely shy of the all-time low.

OTHER RATES FALL TOO: The average rate on a 15-year fixed-rate mortgage hit 4.17 percent, the lowest on records dating back to August 1991.

BUT BUYERS STAY AWAY: Mortgage applications for home purchases fell to the lowest level in 13 years last week, according to the Mortgage Bankers Association. That’s a sign the market is struggling now that government tax credits have expired.