Although interest rates have dropped to a five-week low, there has been a potentially unsettling surprise in the numbers.

The Mortgage Bankers Association weekly survey said the average interest rate for a 30-year, fixed-rate loan with a 20 percent down payment was 4.90 percent for the week ending Nov. 6.

The twist on the news is that loans for real estate purchases fell nearly 12 percent from the previous week. The loan purchase index is at its lowest level since December 2000.

So despite near record low mortgage rates, buyers are not jumping into the market. Whether this is a trend or an aberration in the statistics will be followed in future weeks.

Tax credit may spur buyers

Purchase loans may be lower because of a lull caused by debate over the home buyers tax credit in the Senate and House. First-time buyers need at least 30 days to close a real estate transaction, and when the credit was set to expire after Nov. 30, most would have had to be in escrow before last week’s survey.

Now that the credit has been extended and even opened to those who have owned their home for at least five years, those shopping for a home loan could increase soon. Of course, if the market is running low on qualified first-time buyers, there could be a continued slide in home purchase loans.

With rates falling and predicted to rise by most experts beginning in January 2010, those who have the equity and can afford to refinance are taking advantage of the low rates. The refinance share of the loan market climbed 11.3 percent to 71.5 percent of the market last week.

The 30-year fixed rate has fallen from the previous week’s 4.97 percent and is the lowest since May 15, when it hit 4.69. The average 15-year rate was unchanged at 4.33 percent. The rate for a 1-year Adjustable Rate Mortgage was 6.85, up from 6.83.