Mortgage rates increased this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate moving to 4.51 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.33 discount and origination points.

The average 15-year fixed mortgage climbed to 3.9 percent, and the larger jumbo 30-year fixed rate reversed last week's move, returning to 5.10 percent. Adjustable rate mortgages were higher also, with the average 5-year ARM rising to 3.67 percent and the average 7-year ARM rebounding to 3.95 percent.

Mortgage rates increased, returning to levels last seen one month ago. While the Federal Reserve is poised to announce renewed efforts to boost the economy, it doesn't automatically mean lower mortgage rates. Investors tempering their expectations were behind the increase seen this week and if inflation worries increase once specifics of the Fed's bond-buying are announced, mortgage rates could continue moving higher. Time will tell just what impact the Fed has on mortgage rates and the overall economy.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average 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 4.51 percent, the monthly payment for the same size loan would be $1,014.56, a savings of $227 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.51% - up from 4.42% last week (avg. points: 0.33)

15-year fixed: 3.90% - up from 3.82% last week (avg. points: 0.33)

5/1 ARM: 3.67% - up from 3.6% last week (avg. points: 0.34)