Last week, 30-year fixed mortgages dropped to 4.45 percent and 15-year mortgages hit a new low of 3.52 percent, meaning seemingly anyone who can afford a house payment had as much incentive as possible from the financing side to go out and close on a house. But the housing market is showing no real signs of recovery, and things don’t look so great on the horizon, either.

A Mortgage Bankers Association representative tells CNBC negative equity — suffered by those who are underwater on homes — and the poor job market are stopping people from refinancing and buying homes. Purchases have crept up a bit, but are still way down when compared to historical standards.

Judging from similar comments by economists quoted in the post, it seems the home market will need to be driven by an economic recovery, rather than the other way around.

Plunging Mortgage Rates Won’t Juice Housing [CNBC]

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