Mortgage rates were modestly higher this week, with the average conforming 30-year fixed mortgage rising to 5.11 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points.

The average 15-year fixed mortgage bumped up to 4.47 percent and the larger jumbo 30-year fixed rate retreated to 5.87 percent. Adjustable rate mortgages were split, with the average 1-year ARM inching lower to 4.83 percent while the 5-year ARM climbed to 4.49 percent.

Favorable economic news nudged mortgage rates higher, and the downgrade of Portugal's sovereign credit rating coupled with an end to the Federal Reserve's mortgage bond purchase program spells more volatility on the horizon. But things continue to improve in the jumbo mortgage arena, with rates inching lower on a week when most other mortgage products were higher. The average jumbo 30-year fixed mortgage rate is now the lowest since Feb. 2005.

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 5.11 percent, the monthly payment for the same size loan would be $1,087.13, a savings of $154 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.11% - up from 5.07% last week (avg. points: 0.41)

15-year fixed: 4.47% - up from 4.45% last week (avg. points: 0.41)

5/1 ARM: 4.49% - up from 4.46% last week (avg. points: 0.36)

5/1 ARM: 4.49% - up from 4.46% last week (avg. points: 0.36)