Mortgage rates dropped for the fourth consecutive week, with the benchmark conforming 30-year fixed mortgage rate falling to 4.88 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 mortgage pulled back to 4.05 percent, and the larger jumbo 30-year fixed rate retreated to 5.36 percent. Adjustable rate mortgages were also lower, with the average 5-year ARM sinking to 3.56 percent and the 7-year ARM dropping to 3.83 percent.

A weak reading on first quarter economic growth, an uptick in filings for unemployment, and worries that higher gasoline prices have started to take a bite out of consumer spending, had investors moving back into what is known as the safe-haven trade. When investors get nervous they rotate into safe haven government bonds, to which mortgage rates are closely related. The downswing in government bond yields had a corresponding benefit on mortgage rates.

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 4.88 percent, the monthly payment for the same size loan would be $1,059.02, a difference of $182 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.88% - down from 4.95% last week (avg. points: 0.35)

15-year fixed: 4.05% - down from 4.14% last week (avg. points: 0.35)

5/1 ARM: 3.56% - down from 3.69% last week (avg. points: 0.36)