(Newsroom America) -- This week brought yet another record low in mortgage rates, with the average 30-year fixed mortgage rate falling to the record low of 3.94 percent, according to Bankrate.com's weekly national survey.
The average 30-year fixed mortgage has an average of 0.46 discount and origination points.
The average 15-year fixed mortgage rate inched lower to a new record of 3.15 percent as did the jumbo 30-year fixed mortgage, sliding to the record low of 4.50 percent.
Adjustable mortgage rates were both lower, as well this week, with the average 3-year adjustable dropping to 3.08 percent, while the popular 5-year ARM dipped lower to 3.01 percent.
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 3.97 percent, the monthly payment for the same size loan would be $947.93, a difference of $294 per month for anyone refinancing now.
30-year fixed: 3.94% -- down from 3.97% last week (avg. points: 0.46)
15-year fixed: 3.15% -- down from 3.19% last week (avg. points: 0.33)
5/1 ARM: 3.01% -- down from 3.02% last week (avg. points: 0.33)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.