Mortgage rates dipped again this week, with the average 30-year fixed mortgage rate falling from 5.97 percent to 5.92 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.37 discount and origination points.

The average 15-year fixed rate mortgage dropped to 5.67 percent, while the average jumbo 30-year fixed rate slumped to 7.46 percent. Adjustable mortgage rates were in on the act too, with the average 1-year ARM sinking to 5.96 percent and the average 5/1 ARM pulling back to 6.14 percent.

Mortgage rates have fallen notably since the Federal Reserve's Thanksgiving week announcement of $600 billion destined for mortgage-backed securities. The average 3-year fixed mortgage rate is now 5.92 percent, down from 6.33 percent the week prior to the Fed's announcement. Borrowers should shop around as lenders that are more eager for business are offering better terms.

The sharp decline in mortgage rates in recent weeks can have a pronounced impact on a borrower's monthly payments. Just five weeks ago, 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 5.92 percent, the monthly payment on a $200,000 loan is now $1,188.83.

SURVEY RESULTS

30-year fixed: 5.92% - down from 5.97% last week (avg. points: 0.37)

15-year fixed: 5.67% - down from 5.75% last week (avg. points: 0.45)

/1 ARM: 6.14% - down from 6.27% last week (avg. points: 0.39)

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.