There was an intersting statement made by the chief economist for Freddie Mac which is below. 

Mortgage rates at or near all-time record lows

"Mortgage rates were at or near all-time record lows this week amid a rough environment for housing. In its December 13th monetary policy announcement, the Federal Reserve reiterated the housing market remains depressed. Over the first nine months of 2011, households lost almost $400 billion in property values which contributed to a $1.4 trillion reduction in overall net worth. In addition, serious delinquency rates (90 or more days delinquent plus foreclosures) on mortgages increased slightly between June 30 and September 30 of the year, breaking a six-quarter consecutive decline, according to the Mortgage Bankers Association."

– Frank Nothaft, vice president and chief economist, Freddie Mac

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