Wednesday marked the third week in a row for falling mortgage rates, according to the latest weekly mortgage survey from Bankrate.com. The 30-year fixed-rate mortgage — the most popular type of mortgage in the U.S. — reached a record low of 4.09%.

Europe’s financial issues and the sluggish U.S. economy have spurred the drops. The economic turmoil in countries like Greece and Italy have made mortgage-backed bonds more attractive. In the U.S., the Fed has remained committed to keeping home loan rates low as part of its economic stimulus recipe.

“There are still a lot of people out of work and a lot of foreclosures,” Bob Moulton, president of Americana Mortgage in Manhasset, N.Y., told Bankrate. “The government wants to keep the cost of money down. If rates were to go up, it would hurt the recovery.”

In addition to a low rate on a 30-year fixed mortgage, rates on a 15-year fixed mortgage dropped to 3.28%, the rate on a five-year adjustable rate mortgage (ARM) dropped to 3.03%, and the three-year ARM fell to 3.06%.

Not all rates dropped. The seven-year and 10-year ARMs both rose slightly to 3.20% and 3.53% respectively.

Do you know what the mortgage rates look like in your area? To find out, visit www.bankrate.com/funnel/mortgages.