Mortgage rates turned course this week with the benchmark conforming 30-year fixed mortgage rate rising to 4.74 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

The average 15-year fixed mortgage moved up to 3.83 percent, as did the larger jumbo 30-year fixed rate, which is now 5.19 percent. Adjustable rate mortgages moved lower as well, with the average 5-year ARM sliding to 3.34 percent and the 7-year ARM falling to 3.57 percent.

Mortgage rates inched up this week as investors were worried by political gridlock over how to raise the national debt ceiling and cut the deficit. Industry analysts have made it clear that if the United States defaults and the national debt is downgraded, mortgage rates could spike immediately. But the uncertainty over what Congress will decide over the next few days has already started to shake the mortgage world, as investors question if it's still safe to invest in U.S. bonds.

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 4.74 percent, the monthly payment for the same size loan would be $1,042.86, a difference of $199 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.74% - up from 4.68% last week (avg. points: 0.35)

15-year fixed: 3.83% - up from 3.82% last week (avg. points: 0.37)

5/1 ARM: 3.34% - down from 3.36% last week (avg. points: 033.)