The average conforming 30-year fixed mortgage rate hit a new record low this week, inching to 4.92 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 mortgage held steady this week at 4.34 percent, as did the larger jumbo 30-year fixed rate at 5.75 percent. Adjustable rate mortgages rose this week, with the average 3-year ARM climbing to 4.52 percent and the 5-year ARM rising to 4.26 percent.

Another week and another record low for mortgage rates. The angst of investors around the globe about European debt, slower growth in China, and saber-rattling on the Korean Peninsula all feed into what is known as the "fear trade." That fear trade has helped bring yields on U.S. Treasury securities considerably lower and mortgage shoppers have been direct beneficiaries. Mortgage rates are closely related to yields on long-term government bonds and nervous investors equate to lower mortgage rates.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average 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 4.92 percent, the monthly payment for the same size loan would be $1,063.89, a savings of $178 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.92% - down from 4.96% last week (avg. points: 0.42)

15-year fixed: 4.34% - no change from last week (avg. points: 0.43)

5/1 ARM: 4.26% - up from 4.14% last week (avg. points: 0.37)