The stock market trouble and the European debt crisis are things easier for American homebuyers and families looking to refinance. This is due to mortgage rates inching closer to a record low.

However, this window of opportunity may close soon due to rising home loan rates. This will occur if investors grow more confident and shift money out of the safety of government bonds. These bonds are what influence mortgage rates.

Despite the threat of the window closing soon, rates are tantalizingly low at the moment. The average 30-year fixed-rate loan sank to 4.78 percent this week. That is the lowest this year and barely above the record of 4.71 percent, which was set in December. In addition, 15-year loans are at their lowest rates in two decades.

Some homeowners are taking advantage of the low rates. Applications to refinance surged this week to the highest level in seven months, according to the Mortgage Bankers Association .

Anxiety over Europe has caused global investors to snap up Treasury bonds since they see these as much safer than other investments. Consequently, treasury yields have fallen. This has also brought mortgage rates down as well.

When the European crisis eases and if the American economy recovery continues, investors are expected to move out of bonds and back into stocks. This will make mortgages more expensive.

As cheap as mortgages are these days, the number of loans being taken out to buy homes remains at its lowest point in more than 13 years. One reason is that a special tax credit for homebuyers expired last month and many people had rushed to sign contracts.

Another obstacle is the trouble involved in qualifying for a mortgage. Borrowers need solid credit and a down payment of at least 3.5 percent. Banks tightened lending standards after millions of borrowers fell into default and foreclosure during the housing bust.

Analysts had expected mortgage rates to rise when the government ended a program designed to bolster the housing market. Instead, they fell because of fears that Greece would default on its debt.

Also keeping rates low is the government’s decision last year to provide unlimited support through 2012 for Freddie Mac and Fannie Mae, which buy mortgages and package them into securities and help keep rates low.

Since the financial crisis ended, mortgages of all types have become more affordable. For example, the premium borrowers pay to take out large loans for more expensive homes has dropped by a full percentage point since late 2008 to just 0.8%.

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