The average rate on the 30-year fixed mortgage fell back down to 3.94 percent, the record low set earlier in the fall.

Low rates offer a great opportunity for those who can afford to buy or refinance. Still, few people are able to take advantage of them.

Freddie Mac says the rate on the 30-year home loan fell from 3.99 percent the previous week. The National Bureau of Economic Research says 3.94 percent is the lowest rate ever.

The average rate on the 15-year fixed mortgage fell to 3.21 percent from 3.27 percent. That's also a new record.

Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.