Mortgage rates hit another record low this week, with the average conforming 30-year fixed mortgage rate at 4.88 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.5 discount and origination points.

The average 15-year fixed mortgage dropped slightly to 4.33 percent while the larger jumbo 30-year fixed rate inched lower to 5.72 percent. Adjustable rate mortgages also slid back with the average 1-year ARM dropping to 4.87 percent and the average 5-year ARM backpedaled to 4.16 percent.

Fixed mortgage rates hit yet another new low this week following last Friday's disappointing employment report. Weak growth in private sector payrolls - just 41,000 new jobs in May - called into question the overall strength and sustainability of the U.S. economic recovery. Nervous investors again piled into the safe haven of U.S. Treasury notes, which helped bring mortgage rates to previously unseen levels. Weak hiring will further postpone the timeframe when the Federal Reserve begins boosting short-term interest rates, which is also helping keep mortgage rates low.

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 4.88 percent, the monthly payment for the same size loan would be $1,059.02, a savings of $182 per month for a homeowner refinancing now, according to Bankrate.com's Mortgage Payment Calculator.

SURVEY RESULTS

30-year fixed: 4.88% - down from 4.95% last week (avg. points: 0.5)

15-year fixed: 4.33% - down from 4.36% last week (avg. points: 0.45)

5/1 ARM: 4.16% - down from 4.21% last week (avg. points: 0.41)