Rates on the 30-year mortgage dropped to a record low in the past week! Rates on 30-year fixed-rate mortgages averaged 4.57 percent for the week ending July 8, down from the previous week’s 4.58 percent and 5.20 percent a year earlier. The last time rates were lower was in the 1950s!

Rates have fallen significantly over the past two months. Investors, concerned with the European debt crisis, have poured money into the safety of Treasury bonds. Treasury yields have fallen and so have mortgage rates, which tend to track yields on long-term Treasuries. Mortgage rates are directly inked to yields on Treasuries and yields on mortgage-backed securities.

Read more on the historic low interest rates at CNBC, The Washington Post and The Associated Press.

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