According to Bankrate.com’s (NYSE:RATE) latest weekly mortgage survey, average interest rates were mostly lower for the second straight week, with the 30-year decreasing to 3.79%, a slight decline from the previous 3.80%. In case of the 15-year FRM, the average rate inched up to 3.04%, a 1 basis point increase from last week’s 3.03%.

The last time when mortgage rates were above 6 percent was back in November 2008. Back in the days, the average rate for the 30-year fixed mortgage was 6.33%, and by taking out a loan of $200, 000 this would result in a monthly payment of $1,241.86. Contrarily, now those who take their chances on the same size loan, based on the current average rate of 3.79%, the monthly installment would be $930.78. The difference is a monthly fee of $311 for anyone who is considering to refinance an existing loan.

In other news, cheap mortgages have helped lifting home sales in the United States, reports say. According to the National Association of Realtors, the median time a home was listed for sale decreased to 69 days in July, that’s down 29.6% compared to data from same time last year.

As far as current home purchase rates are concerned, SunTrust (NYSE:STI) is advertising the 30-year fixed conventional loan at a rate of 3.750% which comes with an APR of 3.8526%. The 15-year fixed mortgage, on the other hand, is coming out at 2.900% with an APR yielding to 3.1222%.

Other type of mortgage packages are looking favorable as well at SunTrust, with the Agency 7/1 ARM carrying a rate of 2.700% plus an annual percentage rate of 3.0719%. The 5/1 ARM could garner some attention from borrowers this Thursday, as the opening rate is 2.400% and an APR sum of 3.0517%.

Turning focus to home mortgage loans at other lenders, Bank of America (NYSE:BAC) has the standard 30-year fixed conforming loan lined up at a rate of 3.625% and bears an APR sum of 3.762%. The 15-year fixed counterpart is on the books at a rate of 2.875% and holds an APR variable of 3.173%.

Besides the most popular fixed rate loans, ARM packages can be suitable alternatives for some borrowers. Bank of America’s 7/1 adjustable rate mortgage is now available at a rate of 2.750% and has an APR figure of 3.220%. Those who rather opt for the 5/1 ARM, will need to pay 2.375% in interest and an APR sum of 3.172%.

Buyers seeking to get the 30-year fixed rate purchase loan locked in at Branch Banking and Trust (NYSE:BBT) can do so, if they are willing to pay 3.500% in interest and an annual percentage rate of 3.616%. The shorter, 15-year FRM could be also an option, as it opens at 2.875% and comes with an APR variable of 3.009% as of Thursday.

FHA-backed loans may garner some interest from borrowers, with the 30-year fixed FHA being advertised at BB&T Bank at a rate of 3.250% and bears a competitive APR in the form of 3.415%.