Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate hitting another record low of 4.53 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.

The average 15-year fixed mortgage retreated to 4.05 percent, and the larger jumbo 30-year fixed rate dropped to 5.17 percent, both record lows. Adjustable rate mortgages were mixed, with the average 5-year ARM nosing higher to 3.86 percent and the average 7-year ARM drifting lower to 4.16 percent.

Nervousness about the economy brought mortgage rates lower, as has consistently been the case since May. An upcoming jobs report promises to add further volatility to mortgage rates. While low mortgage rates have produced a surge in refinancing activity, they aren't packing the same punch on home purchases because would-be buyers are saddled with existing homes they can't sell, are nervous about their jobs, or remain convinced that home prices have further to fall.

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 4.53 percent, the monthly payment for the same size loan would be $1,016.94, a savings of almost $225 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.53% - down from 4.59% last week (avg. points: 0.42)

15-year fixed: 4.05% - down from 4.08% last week (avg. points: 0.40)

5/1 ARM: 3.86% - up from 3.85% last week (avg. points: 0.30)