Mortgage rates continue to fall, with the average 30-year fixed mortgage rate falling from 5.92 percent to 5.8 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.35 discount and origination points.

The average 15-year fixed rate mortgage dropped to 5.51 percent, while the average jumbo 30-year fixed rate slumped to 7.37 percent. Adjustable rate mortgages largely bucked the trend, with the average 1-year ARM jumping to 6.09 percent and the average 5/1 ARM rising to 6.17 percent.

The average rate on a 30-year fixed rate mortgage has fallen nearly one full percentage point, from 6.77 percent to 5.80 percent, since Oct. 29. Most of that decline has come since the Federal Reserve's Thanksgiving week announcement of $600 billion destined for mortgage-backed securities. Mortgage rate volatility continues, but the highs and the lows are both lower than anything seen in months. Mortgage rates are currently the lowest since February, but borrowers still need to shop around as lenders that are more eager for business are offering the most competitive terms.

The sharp decline in mortgage rates in recent weeks can have a pronounced impact on a borrower's monthly payments. Six weeks ago, when the average 30-year fixed mortgage rate was 6.77 percent, meaning a $200,000 loan would have carried a monthly payment of $1,299.86. With the average rate having since fallen to 5.8 percent, the monthly payment on a $200,000 loan is now $1,173.51.