Mortgage rates inched higher this week, with the average 30-year fixed mortgage rate rising to 5.27 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 rate mortgage increased to 4.78 percent, while the average jumbo 30-year fixed rate nudged higher to 6.68 percent. Adjustable rate mortgages were broadly higher, with the average 3-year ARM jumping to 5.27 percent while the 10-year ARM climbed to 5.76 percent.

The movement in fixed mortgage rates remains very subdued, despite persistent increases in benchmark Treasury yields. As a result, the spread between the rate paid by a mortgage borrower and the return earned by investors in risk-free government bonds continues to narrow. For a conforming 30-year fixed rate mortgage, this spread is the narrowest since November. On larger jumbo loans, the spread is at the narrowest point in the past 12 months. The continued improvement in mortgage spreads is largely attributable to the Federal Reserve's ongoing purchases of mortgage-backed bonds.

Mortgage rates remain near historic lows. Six months ago, the average 30-year fixed mortgage rate was 6.44 percent, meaning a $200,000 loan would have carried a monthly payment of $1,256.25. With the average rate now more than one percentage point lower at 5.27 percent, the monthly payment for the same size loan would be $1,106.89, a savings of nearly $150 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.27% - up from 5.23% last week (avg. points: 0.38)

15-year fixed: 4.78% - up from 4.73% last week (avg. points: 0.39)

5/1 ARM: 5.07% - up from 5.05% last week (avg. points: 0.41)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.