WASHINGTON — The average rate on the 30-year fixed mortgage fell to 3.94 percent this week, the lowest rate ever.

Federal Home Loan Mortgage Corp. 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.