Home loan rates reached the lowest pint in five decades, fallilng for the second week.  Many people are taking advantage of these historic lows, and mortgage applications are on the rise.

Freddie Mac reported Thursday that the average rate on a 30-year fixed mortgage dropped to 4.57 percent this week.  Down from the previous record setting low of 4.58 set just last week.

Since Feddie Mac began tracking rates in 1971, mortgage rates have never been lower.  Rates have been steadily falling over the past few months, and financial investors concerned with the European debt crisis, have been stock piling money into the safety of United States Treasury bonds. Both treasury yields, and mortgage rates have fallen.

The United States housing market has slowed somewhat since government home buying tax credits expired at the end of April 2010, but the new lower rates should attract more potential borrowers.

Fannie Mae and Freddie Mac are blowing through money quickly.  Everyone knows this.  But today, Fannie Mae showed a $11.5 billion dollar loss for the first quarter of 2010.  Their counterpart, Freddie Mac, only lost 6.7 Billion over the same time.

Fannie Mae and Freddie Mac lost so much money, and it is consistent from quarter to quarter, because they are so tied to the United States housing market.  More United States citizens are in the jobless lines, so this can't be a good thing for those that wish to turn the housing market around.  More than 5% of Fannie Mae's loans are past due for more than 90 days.

The first mortgage modification reports were released today by the Obama administration.  The reports  highlighted the names of mortgage lenders that some feel did not help enough at-risk consumers modify troubled mortgages.