Interest rates for 30-year mortgages have dropped to 4.27% – the lowest level on record. The previous record was established just last month, when the rate declined to 4.32%. The housing sector has been especially sluggish ever since the expiration of the first-time home buyer tax credit in April, when home sales were at the highest point in 2010. Also, this sector has struggled with a consistently high rate of foreclosure filings, in addition to the lowest level of annual home sales on record. In an effort to offset the unyielding housing market, mortgage rates have consistently dropped, as the graph below shows.