Mortgage rates declined this week, with the average conforming 30-year fixed mortgage rate tying a record low of 4.74 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

The average 15-year fixed mortgage fell to 4.18 percent, and the larger jumbo 30-year fixed rate dropped to 5.43 percent, both record lows. Adjustable rate mortgages were in on the act also, with the average 5-year ARM retreating to 4.06 percent and the average 7-year ARM sinking to 4.36 percent.

Mortgage rates reversed last week's uptick, with the upbeat feeling about corporate earnings quickly giving way to the glass-half-empty outlook that has been so prevalent. Mortgage rates are closely related to yields on long-term government debt, into which investors go stampeding in times of economic uncertainty. This lingering uncertainty about whether the economy gets better or worse from here will help keep rates at ultra-low levels, a boon to homebuyers and refinancers alike.

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 4.74 percent, the monthly payment for the same size loan would be $1,042.09, a savings of approximately $200 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.74% - down from 4.77% last week (avg. points: 0.39)

15-year fixed: 4.18% - down from 4.23% last week (avg. points: 0.37)

5/1 ARM: 4.06% - down from 4.12% last week (avg. points: 0.26)