Mortgage applications near 15-year-low

Historically low mortgage rates aren't enough to make up for a struggling economy as potential home buyers continue to sit on the sidelines.

And those who already own a home aren't trying to refinance, either, with a 12.2 percent drop in refinance applications pushing overall applications down 9.6 percent. Purchase applications were flat.

The average rate for a 30-year fixed stood at 4.32 percent last week, while the 15-year rate was 3.49 percent.