Mortgage rates retreated this week, following two consecutive weeks climbing higher. The average conforming 30-year fixed mortgage rate decreased to 4.58 percent., according to Bankrate.com. The average 30-year fixed mortgage has an average of 0.40 discount and origination points.

The average 15-year fixed mortgage decreased to 3.97 percent, and the larger jumbo 30-year fixed rate dipped as well to 5.18 percent. Adjustable rate mortgages dropped as well, with the average 5-year ARM at 3.66 percent and the average 7-year ARM falling to 3.97 percent.

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 4.58 percent, the monthly payment for the same size loan would be $1,022.90, a savings of $219 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.58% - down from 4.62% last week (avg. points: 0.37)

15-year fixed: 3.97% - down from 4.02% last week (avg. points: 0.32)

5/1 ARM: 3.66% - down from 3.71% last week (avg. points: 0.38)