According to Frank Nothaft, vice president and chief economist, Freddie Mac:

"Market concerns over tensions in the Eurozone led to a decline in long-term Treasury bond yields helping to bring fixed mortgage rates to new record lows this week. Compared to a year ago, rates on 30-year fixed mortgage rates are almost 0.9 percentage points lower which translates into nearly $1,200 less in annual payments on a $200,000 loan. Meanwhile, the S&P/Case-Shiller 20-city composite home price index (not seasonally adjusted) showed annual home-value gains in March in seven cities and a monthly gain in 12 cities."