Turbulent financial markets pushed mortgage rates lower for a second consecutive week, with the benchmark conforming 30-year fixed mortgage rate now 4.46 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.36 discount and origination points. The record low of 4.42 percent was set in October and November of 2010.

The average 15-year fixed mortgage reset a record at 3.61 percent while the larger jumbo 30-year fixed rate set a new record of 5.02 percent. Adjustable rate mortgages also moved into record territory, with the average 7-year ARM dropping to 3.45 percent and the 10-year ARM falling to 3.93 percent.

Despite credit rating downgrades to the United States, Fannie Mae, and Freddie Mac, it was a good week for mortgage rates. The weak economy continues to dominate, with market turmoil and the Federal Reserve's pledge to keep short-term interest rates low for another two years driving mortgage rates down sharply for a second consecutive week. This opens the door to refinancing for homeowners that missed the chance last year.

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 4.46 percent, the monthly payment for the same size loan would be $1,008.62, a difference of $233 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.46% - down from 4.54% last week (avg. points: 0.36)

15-year fixed: 3.61% - down from 3.68% last week (avg. points: 0.35)

5/1 ARM: 3.24% - up from 3.23% last week (avg. points: 0.37)