Average rates on 30-year fixed mortgages fall to 4.58 pct., lowest level since mid-1950s

Summary Box: Mortgage rates drop to 4.58 pct

SINKING RATES: Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week, the lowest on records dating back to 1971. That’s down from the previous record of 4.69 percent set last week.

LOWEST IN DECADES: The last time rates were lower was the 1950s, when most long-term home loans lasted just 20 or 25 years.

MANY CAN’T QUALIFY: Tighter lending standards and declining home equity have made it difficult for many borrowers to refinance. Many who do qualify have already done so over the past 18 months.