Mortgage rates were down again, with the benchmark conforming 30-year fixed mortgage rate falling to 4.75 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.4 discount and origination points.

The average 15-year fixed mortgage dipped to 3.93 percent and the larger jumbo 30-year fixed rate inched lower to 5.21 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM sinking to 3.45 percent and the 7-year ARM ticking down to 3.72 percent.

Mortgage rates didn't move much, but it was enough to push rates lower for a seventh consecutive week. Nervousness about European debt issues and slower economic growth, both in the U.S. and abroad, has driven investors into safe-haven investments such as Treasuries. When this happens, it is good news for mortgage rates, which are closely related to yields on long-term government bonds. Mortgage rates are one-third of a percentage point from the all-time lows that were established in November 2010.

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 4.75 percent, the monthly payment for the same size loan would be $1,043.29, a difference of $198 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.75% - down from 4.77% last week (avg. points: 0.4)

15-year fixed: 3.93% - down from 3.95% last week (avg. points: 0.36)

5/1 ARM: 3.45% - down from 3.48% last week (avg. points: 0.33)