Mortgage rates dropped again, with the benchmark conforming 30-year fixed mortgage rate falling to 4.82 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.4 discount and origination points.

The average 15-year fixed mortgage settled at 4.00 percent, and the larger jumbo 30-year fixed rate retreated to 5.26 percent. Adjustable rate mortgages established new lows, with the average 5-year ARM sinking to 3.52 percent and the 7-year ARM dropping to 3.76 percent.

A surprising spike in weekly filings for unemployment and a perceived loss of economic momentum have helped in bringing Treasury yields and mortgage rates to the lowest point since last December. Not even a better-than-expected report on April job growth could alter the trajectory. But with inflation readings on deck, the risk could tilt to the upside over the next week. Regardless, both fixed and adjustable mortgage rates remain at some of the lowest levels ever recorded.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed 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 4.82 percent, the monthly payment for the same size loan would be $1,051.75, a difference of $190 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.82% - down from 4.88% last week (avg. points: 0.4)

15-year fixed: 4.00% - down from 4.05% last week (avg. points: 0.34)

5/1 ARM: 3.52% - down from 3.56% last week (avg. points: 0.38)