Mortgage rates pulled back this week, with the average 30-year fixed mortgage rate sliding to 5.21 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.4 discount and origination points.

The average 15-year fixed rate mortgage inched lower to 4.76 percent, while the average jumbo 30-year fixed rate dropped to 6.56 percent. Adjustable rate mortgages were down sharply, with the average 5-year ARM plunging to 4.81 percent and the 7-year ARM sinking to 5.57 percent.

After moving up last week in response to job losses that weren't as bad as feared, a renewed dose of economic pessimism helped bring mortgage rates lower. Retail sales for April were worse than expected and there was a downward revision to the March figures. Since consumer spending accounts for 70 percent of economic output, retail sales are a closely-watched barometer for signs of a turnaround. Gloomy economic news drives investors into the safe haven of government bonds, to which mortgage rates are closely related.

Mortgage rates are near historic lows. Six months ago, the average 30-year fixed mortgage rate was 6.39 percent, meaning a $200,000 loan would have carried a monthly payment of $1,249.70. With the average rate now more than one percentage point lower at 5.21 percent, the monthly payment for the same size loan would be $1,099.46, a savings of $150 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.21% - down from 5.27% last week (avg. points: 0.4)

15-year fixed: 4.76% - down from 4.78% last week (avg. points: 0.33)

5/1 ARM: 4.81% - down from 5.07% last week (avg. points: 0.53)