Mortgage Rates Fall to 50-Year Low

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The economic turmoil in Europe is helping home buyers in the U.S.

Overseas investors are putting their money in U.S. Treasury bonds, which are now considered safer. The rates on those bonds are linked to mortgages. The end result -- mortgage rates have fallen to 50-year lows.

The lower rates could extend a recent upswing in the housing market.

"Whenever treasury bonds come down, so do mortgage rates," Diane Swonk, Chief Economist at Mesirow Financial, told ABC News.

Last month, sales of existing homes jumped 7.5 percent. That was largely due to federal assistance and tax credits for new home buyers that have now expired.

Meanwhile, a record number of homeowners are falling behind on their mortgage payments. It has been reported that more than 10 percent missed at least one mortgage payment between January and March of this year.

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