Mortgage rates were lower this week, with the average conforming 30-year fixed mortgage rate hitting a record low of 4.71 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points.

The average 15-year fixed mortgage inched lower to 4.17 percent, and the larger jumbo 30-year fixed rate remained at 5.43 percent, both record lows. Adjustable rate mortgages were mixed, with the average 5-year ARM nosing higher to 4.07 percent and the average 7-year ARM dipping to 4.35 percent.

Mortgage rates haven't shown much movement during the hot, lazy days of summer. But with mortgage rates at previously unseen lows, no one is complaining. Right now there is no real conviction about whether the economy is getting better or getting worse, so there is no real catalyst for volatility. Stay tuned though, as mortgage rates can - and often do - move suddenly.

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 4.71 percent, the monthly payment for the same size loan would be $1,038.48, a savings of $203 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.71% - down from 4.74% last week (avg. points: 0.44)

15-year fixed: 4.17% - down from 4.18% last week (avg. points: 0.38)

5/1 ARM: 4.07% - up from 4.06% last week (avg. points: 0.31)