The average 30-year fixed mortgage rate continued to move lower, coming in at 5.55 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

The average 15-year fixed rate mortgage decreased to 4.89 percent, while the average jumbo 30-year fixed rate retreated to 6.49 percent. Adjustable rate mortgages continue to post mixed results, with the average 1-year ARM nosing upward to 5.23 percent and the 5-year ARM sinking to 4.93 percent.

Mortgage rates have been yo-yoing up and down as corporate earnings announcements and economic data toy with investor sentiment. But mortgage rates did move lower after Fed Chairman Ben Bernanke reiterated in his Congressional testimony that the Federal Reserve is likely to keep interest rates low for an extended period of time. The average conforming 30-year fixed rate is at the lowest level since late May and the average jumbo 30-year fixed rate moved below 6.5 percent for the first time in two months.

Mortgage rates remain much lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.77 percent, meaning a $200,000 loan would have carried a monthly payment of $1,299.86. With the average rate now 5.55 percent, the monthly payment for the same size loan would be $1,141.86, a savings of $158 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.55% - down from 5.58% last week (avg. points: 0.39)

15-year fixed: 4.89% - down from 4.93% last week (avg. points: 0.43)

5/1 ARM: 4.93% - down from 4.98% last week (avg. points: 0.46)