Mortgage rates on a 30-year fixed mortgage have dropped to the lowest point in over 50 years, according to mortgage giant, Freddie Mac. Dropping to 4.58% this week, a level not seen since the 1950's!

After the expiration of the FED program that was pumping $1.25 billion into mortgage backed securities last spring, many economists feared the rates would begin to climb. However the European debt crisis forced investors to shift their funds into "safer" US Treasury bonds, and as long-term treasury bonds are so closely tied in with the mortgage rates, the rates have continued to hover at or around 5%.

Although the rates have dropped to such a record level, tighter lending standards are making it tough for homeowners to refinance, and those that do qualify have already taken advantage of the low rates.

Freddie Mac collects mortgage rates weekly, Monday through Wednesday and as the rates are closely tied in with long-term treasury bonds, the rates can fluctuate significantly, even on a given day.