Mortgage rates continued to drop this week, with the average 30-year fixed mortgage rate falling to the record low of 3.92%, according to Bankrate.com’s weekly national survey.

The average 30-year fixed mortgage has an average of 0.42 discount and origination points.

The average 15-year fixed mortgage rate increased just slightly to 3.16%, while the jumbo 30-year fixed mortgage rate slid to a new record low of 4.46%. Adjustable mortgage rates were mixed this week, with the average 3-year adjustable rate rising to 3.10%, while the popular 5-year ARM dipped to 2.99%.

The last time mortgage rates were above 6% was Nov. 2008. At the time, the average 30-year fixed rate was 6.33%, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 3.92%, the monthly payment for the same size loan would be $945.63, a difference of $296 per month for anyone refinancing now.

Source: Bankrate.com