WASHINGTON >> The average rate on the 30-year fixed mortgage fell to 3.94 percent this week, the lowest rate ever. For those who can qualify for the historically low rate, it’s an extraordinary opportunity to buy or refinance.  

Freddie Mac says the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan dipped to 3.26 percent, also a record. 

Low rates have done little to boost home sales or refinancing. Many people don’t have enough cash or home equity to get a loan, or they are reluctant to take the risk in this market. Others have already refinanced because the average rate on the 30-year loan has been below 5 percent for most of the past year