Mortgage rates revisited record lows this week, with the average rate on the benchmark conforming 30-year fixed mortgage rates returning to 4.42%, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.

The average 15-year fixed mortgage hit a new low of 3.81%, and the larger jumbo 30-year fixed rate did as well, sinking to 5.04%. Adjustable rate mortgages were mostly lower, with the average 5-year ARM falling to 3.57% and the average 7-year ARM retreating to 3.87%.

Mortgage rates fell back into record low territory this week. The Federal Reserve has announced another injection of $600 billion over the next 8 months, but it remains to be seen if this is enough to push Treasury yields and mortgage rates lower, and if so, by how much. Even if the Fed is successful in pushing rates lower, it doesn’t alter the fact that many would-be borrowers are upside-down, living on a reduced income, or concerned about a lack of job security, Bankrate analysts said.

The last time mortgage rates were above 6% was Nov. 2008. At that time, the average rate was 6.33%, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.42%, the monthly payment for the same size loan would be $1,003.89, a savings of $238 per month for a home owner refinancing now.

Source: Bankrate.com