Mortgage rates hit another record low this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate retreating to 4.42 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

The average 15-year fixed mortgage slipped to 3.82 percent, and the larger jumbo 30-year fixed rate dipped to 5.08 percent, both record lows. Adjustable rate mortgages hit new lows also, with the average 5-year ARM declining to 3.6 percent and the average 7-year ARM inching down to 3.85 percent.

Mortgage rates moved slightly lower this week, but it was enough to set yet another record low for fixed rate mortgages and for many adjustable rate loans also. While the Federal Reserve is poised to resume a bond purchase program designed to push interest rates lower, don't assume this will automatically translate into lower mortgage rates. Why? Such an announcement is widely expected and much of its intended impact may already be reflected in government bond yields and mortgage rates. Mortgage rates are closely related to yields on long-term government debt. Also, the ongoing foreclosure controversy is sure to raise both the cost and the amount of time involved in foreclosure, factors that could ultimately be passed along to future borrowers through higher mortgage rates.

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 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a savings of almost $238 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.42% - down from 4.47% last week (avg. points: 0.35)

15-year fixed: 3.82% - down from 3.85% last week (avg. points: 0.30)

5/1 ARM: 3.60% - down from 3.62% last week (avg. points: 0.37)