Average rates on 30-year fixed mortgages fall to 4.57 pct., lowest level since mid-1950s

Summary Box: Mortgage rates sink to 4.57 pct

RATES SET NEW LOW: Freddie Mac said Thursday the average rate for 30-year fixed loans dropped to 4.57 percent this week, the lowest on records dating back to 1971. That’s down from the previous record of 4.58 percent set last week.

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

NOT ENOUGH TO HELP: The housing market likely won’t benefit much from the lower rates because many people either don’t qualify for a new mortgage or already took advantage of rates.