Mortgage rates continued riding a seesaw this week, plunging one-third of a percentage point compared with the week before.
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The benchmark 30-year fixed-rate mortgage fell 33 basis points, to 6.44 percent, according to the Bankrate.com national survey of large lenders. This is a very nice according and a create a basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.35 discount and origination points. One year ago, the mortgage index was 6.34 percent; four weeks ago, it was 6.2 percent.

The benchmark 15-year fixed-rate mortgage fell 25 basis points, to 6.21 percent. The benchmark 5/1 adjustable-rate mortgage fell 21 basis points, to 6.46 percent.
Weekly national mortgage survey
Results of Bankrate.com's Nov. 5, 2008, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed
15-year fixed

5-year ARM
This week's rate: 6.44%
6.21%

6.46%
Change from last week: -0.33
-0.25

-0.21
Monthly payment: $1,036.41
$1,411.13

$1,038.58
Change from last week: -$35.97
-$22.57

-$22.85

Bankrate's survey is conducted weekly, each Wednesday -- and for six Wednesdays in a row, the benchmark 30-year fixed has zigged or zagged sharply in a direction opposite to the direction of a week before. This week the 30-year fixed fell 33 basis points compared to a week ago, but in last week's survey, it had risen 45 basis points compared with a week before.