Mortgage rates hit another record low this week, with the average conforming 30-year fixed mortgage rate dropping to 4.75 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points.

The average 15-year fixed mortgage hit a new low, retreating to 4.20 percent, as did the larger jumbo 30-year fixed rate, down to 5.55 percent. Adjustable rate mortgages were lower as well, with the average 5-year ARM falling to 4.06 percent while the average 7-year ARM sank to 4.48 percent.

Increasing worries about the health of the global economy and concerns over a possible double-dip recession in the U.S. have underscored investors' appetite for the safety of Treasury securities. Mortgage rates are closely related to yields on long-term government bonds. The dour economic outlook and heightened demand for U.S. Treasury debt has kept mortgage rates on a downswing. But despite the tremendous affordability brought about by record low mortgage rates and a sharp drop in home prices, consumers are reluctant to take the plunge into homeownership.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.75 percent, the monthly payment for the same size loan would be $1,043.29, a savings of $198 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.75% - down from 4.81% last week (avg. points: 0.41)

15-year fixed: 4.20% - down from 4.26% last week (avg. points: 0.40)

5/1 ARM: 4.07% - down from 4.13% last week (avg. points: 0.32)