Freddie Mac began surveying the rates of 30-year fixed-rate mortgages in 1971. The survey found that this week has posted the lowest rate since its beginning, with 30-year fixed-rate mortgages now at 4.36 percent, compared to 4.42 percent the previous week and 5.14 percent from last year.

This decline in mortgage rates, along with the declines in the U.S. Treasury yields, has come right after a report saying that the economic recovery plan is failing.

Home re-sales have fallen, according to new data that was recently released. The selling rate has slowed to its slowest pace in 15 years, and new home sales have fallen to the worst level since the data began being collected, by the U.S. Commerce Department in 1963.

Although many housing trends seem to be falling, home refinancing has seen a slight pickup, but not as much of a jump as expected. Many people have lost their equity as a homeowner, along with having poor credit scores, and this has prevented consumers from taking this route.

Fifteen-year fixed-rate mortgages also fell, averaging 3.86 percent, compared to the 3.90 percent that was posted last week. This has become a popular option for people looking to shorten their loans with minimal increase in price.