If you're under 50, mortgage rates are at their lowest in your lifetime

Mortgage giant Freddie Max reports the interest rate on 30-year mortgages have fallen to their lowest levels in more than 50 years.

The 30-year fixed-rate mortgage averaged 4.15 percent for the week ending today.  A 15-year fixed rate loan fell to 3.36 percent.

Freddie Mac's chief economist credits the Fed's pledge to keep rates low for two years as one reason for the favorable terms. Plus, jitters over the European debt crisis also contributed to low rates.