Summary Box: Average rate for long-term mortgages falls to 4.69 pct., lowest since 1950s

Summary Box: Mortgage rates fall to post-1950s low

SINKING RATES: Rates on 30-year fixed mortgages fell this week to an average of 4.69 percent, the lowest since the mid-1950s.

BUT DO YOU QUALIFY?: To get a new mortgage or to refinance, you need steady income, excellent credit and home equity or enough cash for a down payment.

REFINANCING LAGS: Refinancing activity now amounts to less than half the level of early 2009, when long-term rates hovered around 5 percent. Many people who wanted to refinance — and qualified — have already done so.