The average conforming 30-year fixed mortgage decreased this week to 5.23 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.47 discount and origination points.

The average 15-year fixed mortgage fell to 4.62 percent while the larger jumbo 30-year fixed rate retreated to 5.97 percent. Adjustable rate mortgages were lower as well, with the average 3-year ARM sinking to 4.71 percent and the 5-year ARM dropping to 4.68 percent.

Mortgage rates declined for the second week in a row. A disappointing December jobs report helped bring investors back into the safety of bonds, to which mortgage rates are closely related, pulling mortgage rates lower. The average 30-year fixed rate is at the lowest level in the past month. A wider than normal spread between 30-year and 15-year mortgage rates makes the shorter loan appealing to homeowners capable of swinging the higher payments.

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 5.23 percent, the monthly payment for the same size loan would be $1,101.93, a savings of $140 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.23% - down from 5.26% last week (avg. points: 0.47)

15-year fixed: 4.62% - down from 4.67% last week (avg. points: 0.42)

5/1 ARM: 4.68% - down from 4.74% last week (avg. points: 0.36)