Mortgage rates fell to new record lows, yet again, last week. The 30-year fixed rate hit 3.56% and the 15-year fell to 2.86% as U.S. Treasury bond yields eased after a disappointing jobs report for June.

The average 30-year rate has now been below 4% for 16 weeks. The low rates look better and better for those who aim to refinance, qualify and aren't stuck in bank backlog. Unfortunately, conditions have prevented many homeowners from taking advantage.