Mortgage rates declined for a third straight week, with the benchmark conforming 30-year fixed mortgage rate now 4.45 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.45 discount and origination points. The record low of 4.42 percent was set in October and November of 2010.

The average 15-year fixed mortgage reset a record at 3.58 percent while the larger jumbo 30-year fixed rate fell below the 5 percent mark for the first time, landing at 4.89 percent. Adjustable rate mortgages saw the biggest decreases, with the average 5-year ARM dropping to 3.15 percent and the 10-year ARM falling to 3.83 percent.

Mortgage rates remain at, or near, record lows on a variety of both fixed and adjustable rate mortgage products. The weakness in the U.S. economy and the accompanying demand for Treasury securities has pushed mortgage rates lower. Fixed mortgage rates are closely related to yields on long-term government bonds.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed 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 4.45 percent, the monthly payment for the same size loan would be $1,007.44, a difference of $234 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.45% - down from 4.46% last week (avg. points: 0.45)

15-year fixed: 3.58% - down from 3.61% last week (avg. points: 0.42)

5/1 ARM: 3.15% - down from 3.24% last week (avg. points: 0.42)