Mortgage rates showed little movement once again this week, with the average conforming 30-year fixed mortgage inching lower to 5.21 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.45 discount and origination points.

The average 15-year fixed mortgage stepped down to 4.54 percent while the larger jumbo 30-year fixed rate held at 5.91 percent. Adjustable rate mortgages were mostly lower, with the average 3-year ARM backpedalling to 4.57 percent while the 5-year ARM retreated to 4.37 percent.

The Federal Reserve is holding interest rates low, showing no indication of raising them and no inclination to sell their substantial holdings of long-term Treasury notes. Mortgage rates are closely related to yields on long-term government debt. By the Fed holding steady, mortgage rates are holding steady, showing very little movement in the past two weeks. Mortgage rates have also been largely unaffected since the Federal Reserve's $1.25 trillion mortgage buyback program came to a close at the end of March. The average 30-year fixed mortgage as of March 31 was 5.23 percent and today it is 5.21 percent.

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 5.21 percent, the monthly payment for the same size loan would be $1,099.46, a savings of $142 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.21% - down from 5.22% last week (avg. points: 0.45)

15-year fixed: 4.54% - down from 4.55% last week (avg. points: 0.43)

5/1 ARM: 4.37% - down from 4.42% last week (avg. points: 0.36)