Mortgage Rates and Mortgage Applications Low

``Mortgage rates are now the lowest since Freddie Mac started to keep track of 30 year fixed rates in 1971 and 15 year rates in 1991. Actually, today’s rates are probably the lowest since the 1950s. While it should be a great time for borrowers to buy a home, mortgage applications are near the lowest level seen in over a decade. Since the expiration of the first time home buyer tax credit at the end of April, purchase applications have gone down 42%.''