The average 30-year fixed mortgage rate fell for the third time in four weeks, with the average rate dropping to 5.59 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 retreated to 4.93 percent, while the average jumbo 30-year fixed rate dipped to 6.86 percent. Adjustable rate mortgages were mixed, with the average 1-year ARM inching higher to 5.18 percent and the 5-year ARM sinking to 5.05 percent.

A disappointing June jobs report, coupled with the onset of quarterly earnings season, has many again viewing the economic glass as half-empty. As a result, investors have piled back into government and mortgage-backed bonds, bringing mortgage rates back to levels last seen on Memorial Day. Mortgage rates are closely related to yields on long-term government debt. The recent pullback in mortgage rates is presenting an opportunity for refinancers to lock in. Holding out for the return of sub-5 percent rates, however, may prove to be fruitless.

Mortgage rates remain much lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.48 percent, meaning a $200,000 loan would have carried a monthly payment of $1,261.51. With the average rate now 5.59 percent, the monthly payment for the same size loan would be $1,146.90, a savings of $114 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.59% - down from 5.7% last week (avg. points: 0.4)

15-year fixed: 4.93% - down from 5.07% last week (avg. points: 0.43)

5/1 ARM: 5.05% - down from 5.17% last week (avg. points: 0.37)