Mortgage rates on a 30-year fixed rate mortgage dropped to the lowest rate seen in 30 years, according to mortgage giant, Freddie Mac.  Dropping to 4.15% from 4.32% in a weekly comparison, the rates have not been lower since the 1950's when typical long term home loans were only 20 or 25 years.

Rates have been coming in around 5% over the past year, but have done very little to stimulate the struggling real estate market.  The high unemployment rate, falling home prices and tight lending standards have kept potential home buyers on the sidelines.

Another record low this week is the 15-year fixed mortgage, a popular choice for refinancers, falling to 3.36%.  Although Freddie Mac's records date bay to 1991, analysts believe that this rate is lowest seen ever!

Mortgage rates tend to follow long-term Treasury bonds and as the economic state of the country continues to bring fear to investors, many have shifted their funds to "safer" Treasury's, driving down the yield on a 10-year note just above 2%.  As the rates track the yields they can change significantly, even on a given day.

Rates do not include the extra fees also known as points.  One point is the equivalent of 1% of the total loan amount.