Average mortgage rates have plummeted to an all-time low, according to the results of a new survey.

The Primary Mortgage Market Survey was released February 2 by mortgage lending giant Freddie Mac. According to the PMMS, 30-year fixed-rate mortgages averaged 3.87 percent with an average 0.8 point for the week ending February 2, down from an average 3.98 percent the previous week and 4.81 percent at the same time in 2011. Fifteen-year fixed-rate mortgages dropped to 3.14 percent with an average 0.8 point, down from 4.08 percent a year ago and 3.24 percent a week ago.

"Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections," said Freddie Mac vice president and chief economist Frank Nothaft. "The gross domestic product rose 2.8 percent in the final three months of 2011, below the market consensus forecast of 3.0 percent, while consumer spending in December was flat."

Though most mortgage rates fell from the previous week, 1-year Treasury-indexed adjustable rate mortgages climbed slightly, from 2.74 percent to 2.76 percent with an average 0.6 point, according to the survey.

Though mortgage rates have hit historic lows, many homeowners have been unable to refinance their current, more costly mortgages to help prevent foreclosure. President Barack Obama last week unveiled a new plan to help more homeowners take advantage of these lower rates and save as much as $3,000 per year, on average.

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