Mortgage rates continue to drop this week, with the average conforming 30-year fixed mortgage rate falling to 4.96 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.50 discount and origination points.

The average 15-year fixed mortgage fell to 4.34 percent and the larger jumbo 30-year fixed rate dropped to 5.75 percent. Adjustable rate mortgages were mostly lower, with the average 3-year ARM slipped to 4.38 percent while the 5-year ARM dipped to 4.14 percent.

Mortgage rates established new record lows as global economic angst continues to fuel demand for ultra-safe U.S. government debt. Mortgage rates are closely related to yields on long-term Treasury securities. While rates for both adjustable and fixed mortgage rates are hitting record lows, the risk of higher interest rates in future years highlights the value of today's record low, sub 5-percent fixed 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 4.96 percent, the monthly payment for the same size loan would be $1,068.76, a savings of $173 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.96% - down from 5.07% last week (avg. points: 0.50)

15-year fixed: 4.34% - down from 4.45% last week (avg. points: 0.48)

5/1 ARM: 4.14% - down from 4.27% last week (avg. points: 0.35)