Mortgage Rates Set 4th New Record In A Row

(Newsroom America) -- Mortgage rates have fallen further pushing the average 30-year fixed mortgage rate to the fourth new record in a row of 3.89 percent, according to Bankrate.com's weekly national survey.

The average 30-year fixed mortgage has an average of 0.43 discount and origination points.

The average 15-year fixed mortgage rate inched lower to 3.16 percent, reversing last week's move, while the jumbo 30-year fixed mortgage held at 4.48 percent.

Adjustable mortgage rates were lower too, with the average rate on the popular 5-year adjustable pulling back below the 3 percent mark to a new low of 2.97 percent.

The Federal Reserve is hoping to keep this streak of record low mortgage rates alive. By extending Operation Twist through year-end, the Fed aims to preserve this environment of ultra-low mortgage rates that is facilitating refinancing and putting money into people's pockets that they're not getting through their paychecks.

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 3.89 percent, the monthly payment for the same size loan would be $942.19, a difference of $299 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.89% -- down from 3.91% last week (avg. points: 0.43)

15-year fixed: 3.16% -- down from 3.17% last week (avg. points: 0.35)

5/1 ARM: 2.97% -- down from 3.00% last week (avg. points: 0.33)