Mortgage rates on a 30 year fixed rate mortgage broke another record last week, falling to 4.42%, according to mortgage giant Freddie Mac. These rates reflect the lowest rate seen since Freddie Mac began tracking rates in 1971.

Freddie Mac collects mortgage rates from lenders across the country weekly, Monday through Wednesday. As rates are so closely tied in with long term treasury bonds, the rates are capable of fluctuate significantly, even on a given day.

Rates on a 15-year fixed rate mortgage dropped to 3.90%, continuing to decline since spring of this year. Rates began falling when the European Debt Crisis reared its ugly head and investors began moving their funds into safer treasury bonds.