Mortgage rates continued their long journey through the doldrums, drifting slightly lower during the week, according to mortgage financier Freddie Mac.

Freddie Mac chief economist Frank Nothaft attributed the improvement in rates to a perceived slowing in consumer spending.

Overall, interest rates continue to be favorable, but with slipping equity and tighter lending guidelines, many won't be able to take advantage of the situation, as evidenced by the lack of refinance applications.

Now is a great time to get your financing needs taken care of!