The average conforming 30-year fixed mortgage rate dropped for the fifth consecutive week to 5.25 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.31 discount and origination points.

The average 15-year fixed mortgage hit another record low of 4.64 percent and the larger jumbo 30-year fixed rate retreated to 6.47 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM sliding to 4.69 percent and the 7-year ARM falling to 5.10 percent.

Mortgage rates dropped following a week of uneven economic data. Over the past several months, the economic readings have been almost universally upbeat, but have become more of a mixed bag in recent weeks. This calls into question the strength and sustainability of the rebound, and the resulting uncertainty drove investors into the safety of government and mortgage-backed bonds. Mortgage rates, which are closely related to the yields on government bonds, are flirting with the record lows seen in April.

Mortgage rates are more than one full percentage point lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.41 percent, meaning a $200,000 loan would have carried a monthly payment of $1,252.32. With the average rate now 5.25 percent, the monthly payment for the same size loan would be $1,104.41, a savings of $148 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.25% - down from 5.36% last week (avg. points: 0.31)

15-year fixed: 4.64% - down from 4.74% last week (avg. points: 0.22)

5/1 ARM: 4.69% - down from 4.80% last week (avg. points: 0.29)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.