Mortgage Rates Continue Fall, But Does It Matter?

The lowest mortgage rate in five decades may not be enough to help breathe new life into the flagging housing market.

Mortgage rates drop to new low of 4.57 pct.

NEW YORK (AP) -- Mortgage rates fell for the second straight week to the lowest point in five decades. But many people either don't qualify for new mortgages or have already taken advantage of the low rates this year.

As a result, the housing market and the broader economy may not benefit much from the lower rates.

The average rate on a 30-year fixed mortgage dropped to 4.57 percent this week, mortgage company Freddie Mac reported Thursday. That's down from the previous record low of 4.58 percent set last week.

Read more about mortgage rates.