Mortgage rates broke records again this week as fears of the European debt crisis had investors moving money out of stocks and into safer investments like Treasuries and bonds which fund most mortgage loans, according to Inman News.

30 Year fixed mortgage rates averaged 3.56 percent, down from 3.62 percent last week and 4.51 percent a year ago.

15 year fixed mortgage rates averaged 2.86 percent, down from 2.89 percent last week and 3.65 percent last year. Rates on 15 year mortgages have been below 3 percent for seven weeks now.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.74 percent, down from 2.79 percent last week and 3.29 percent a year ago. That's an all-time low in records dating to 2005.

Tight credit standards in mortgage lending will mean a slow recovery, however, as the process is more difficult for borrowers than in the past.

Read the full story at Inman News.

Posted in Technology And You

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