Mortgage rates moved to levels most have never seen, with the average 30-year fixed mortgage rate dropping to 5.19 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.42 discount and origination points.

The average 15-year fixed rate mortgage retreated to 4.80 percent and the average jumbo 30-year fixed rate fell to 6.66 percent. Adjustable rate mortgages were lower also, with the average 1-year ARM pulling back to 5.30 percent and the 5/1 ARM slipping to 5.21 percent.

Mortgage rates fell lower than ever recorded in the 24 years of Bankrate's survey, eclipsing the previous low of 5.28 percent seen this January and in June 2003. The last time mortgage rates were recorded lower than this was December 1956, according to the National Bureau of Economic Research. Jumbo mortgage rates benefited as well, with rates now at the lowest level since May 2007, prior to the onset of the credit crunch. The catalyst for the decline in rates was the Federal Reserve's March 18 announcement of stepped up mortgage debt purchases and an initiative to buy Treasury securities.

Mortgage rates have dropped substantially over the past five months. The average 30-year fixed mortgage rate in late October was 6.77 percent, meaning a $200,000 loan would have carried a monthly payment of $1,299.86. With the average rate now at 5.19 percent, the monthly payment for the same size loan would be $1,096.99, a savings of more than $200 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.19% - down from 5.29% last week (avg. points: 0.42)

15-year fixed: 4.80% - down from 4.86% last week (avg. points: 0.49)

5/1 ARM: 5.21% - down from 5.24% last week (avg. points: 0.52)