Mortgage rates fell to yet another low point this week, with the average conforming 30-year fixed mortgage rate dropping to 4.81 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points.

The average 15-year fixed mortgage also hit another new low, retreating to 4.26 percent, while the larger jumbo 30-year fixed rate declined to 5.63 percent, the lowest since March 2004. Adjustable rate mortgages were mostly lower, with the average 5-year ARM falling to 4.13 percent while the average 7-year ARM sank to 4.54 percent.

A run of disappointing economic data - from housing, to jobs, to consumer spending - has kept mortgage rates on a downswing. Even the Federal Open Market Committee struck a more cautious tone in their post-meeting statement issued Wednesday. Nervous investors around the globe continue to buy Treasury securities, driving both bond yields and mortgage rates lower. Mortgage rates are closely tied to yields on long-term government debt. Lingering doubt about the sustainability of the U.S. economic recovery will keep mortgage rates near present levels.

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 4.81 percent, the monthly payment for the same size loan would be $1,050.54, a savings of $191 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.81% - down from 4.88% last week (avg. points: 0.44)

15-year fixed: 4.26% - down from 4.32% last week (avg. points: 0.42)

5/1 ARM: 4.13% - down from 4.19% last week (avg. points: 0.36)