Rates for most mortgage products fell to new lows, but the average rate on the benchmark conforming 30-year fixed mortgage rate inched higher to 4.47 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

The average 15-year fixed mortgage slipped to 3.85 percent, and the larger jumbo 30-year fixed rate retreated to 5.10 percent, both record lows. Adjustable rate mortgages hit new lows also, with the average 5-year ARM declining to 3.62 percent and the average 7-year ARM backpedalling to 3.86 percent.

Mortgage rates were mostly lower this week, for both fixed and adjustable rate loans. While the Federal Reserve is likely to resume a bond purchase program designed to push interest rates lower, don't assume this will automatically translate into lower mortgage rates. Why? For starters, the current foreclosure moratorium mess raises both the cost and the amount of time involved in foreclosure, factors that could ultimately be passed along to future borrowers through higher 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 4.47 percent, the monthly payment for the same size loan would be $1,009.81, a savings of $232 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.47% - up from 4.45% last week (avg. points: 0.35)

15-year fixed: 3.85% - down from 3.87% last week (avg. points: 0.33)

5/1 ARM: 3.62% - down from 3.64% last week (avg. points: 0.33)