Mortgage rates barely budged this week, with the average conforming 30-year fixed mortgage inching lower to 5.07 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.38 discount and origination points.

The average 15-year fixed mortgage nudged higher to 4.45 percent and the larger jumbo 30-year fixed rate fell to 5.88 percent. Adjustable rate mortgages were split, with the average 3-year ARM rising to 4.49 percent while the 5-year ARM dipped to 4.46 percent.

It was another week absent any mortgage rate volatility. Mortgage rates have fluctuated within a narrow range of just one-tenth of one percentage point in the past two months. While the Federal Reserve is maintaining the pledge to keep short-term interest rates "exceptionally low" for "an extended period," this doesn't necessarily dictate what happens with fixed mortgage rates. Far more significant is the Fed's program of buying mortgage-backed securities, which will come to a halt as scheduled by the end of the month. With the Fed no longer serving as the dominant buyer of mortgage securities, the days of low volatility appear numbered.

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 5.07 percent, the monthly payment for the same size loan would be $1,082.22, a savings of $159 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.07% - down from 5.08% last week (avg. points: 0.38)

15-year fixed: 4.45% - up from 4.43% last week (avg. points: 0.38)

5/1 ARM: 4.46% - down from 4.47% last week (avg. points: 0.36)