It's hard to believe that this is still a topic... Every time I write about "rates hitting new lows," I think it will be the last time, but here we are again. According to numbers released by Freddie Mac, the 30-year fixed rate mortgage fell to 3.62 percent for week ending July 5, 2012. The 15 year fixed rate mortgage dropped to 2.89 percent.

Recent economic data for manufacturing contracted and lower consumer spending were the catalyst for the decline in the long term Treasury Bond that moved rates down.