The average rate on 30-year mortgage dropped  to record-low of 3.67 percent, while the 15-year rate is down to 2.94 percent. 

This is the sixth straight week of record lows for fixed rate mortgages.

Homeowners are not always able to take advantage of these low rates because they don't have good enough credit to qualify.  Borrowers also often face long delays dealing with their lenders.

That said these low rates could be a silver lining in an otherwise tough economy as the spring buying season kicks off.

Some economists believe the U.S. housing market has bottomed out and is now in the midst of a slow recovery.

Mortgage applications rose by 1.3 percent during the week ended June 1, the Mortgage Bankers Association reported Wednesday, mainly because more people applied to refinance their homes.  Applications to buy a home fell for the fourth straight week.