Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage dipping to 5.12 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

The average 15-year fixed mortgage tied a record low of 4.46 percent and the larger jumbo 30-year fixed rate fell to 5.92 percent. Adjustable rate mortgages were also lower, with the average 3-year ARM declining to 4.43 percent while the 5-year ARM hit a new low of 4.46 percent.

Mortgage rates slipped following higher than expected jobless claims. Continued nervousness about the strength and sustainability of the economic recovery has helped keep rates low, and this week, bring them even lower. However, mortgage rates could start marching higher in the coming weeks as the Federal Reserve stops buying mortgage-backed securities. The Fed gets much of the credit for the ultra-low mortgage rates enjoyed over the past 16 months as they've been the primary buyer of mortgage bonds in that time. Mortgage rates were last above 6 percent in November 2008, right before the Fed began those purchases.

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 5.12 percent, the monthly payment for the same size loan would be $1,088.36, a savings of $153 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.12% - down from 5.15% last week (avg. points: 0.39)

15-year fixed: 4.46% - down from 4.52% last week (avg. points: 0.40)

5/1 ARM: 4.46% - down from 4.53% last week (avg. points: 0.36)