The average 30-year fixed mortgage rate was slightly higher this week, rising to 5.80 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 rate mortgage inched lower to 5.16 percent, while the average jumbo 30-year fixed rate pushed above the 7 percent mark to 7.03 percent. Adjustable rate mortgages were generally lower, with the average 3-year ARM falling to 5.32 percent and the 5-year ARM dropping to 5.26 percent.

Mortgage rates have settled down following a hefty run-up in late May and early June that had 30-year fixed mortgage rates flirting with the 6 percent mark. Conforming fixed mortgage rates have been relatively subdued the past two weeks in comparison. Spurts of volatility are common with mortgage rates, especially given the uncertain economic and financial climate. The performance of the economy and the outlook for inflation are likely to be the key drivers of Treasury yields and mortgage rates in the coming months. Mortgage rates are closely related to yields on long-term government debt.

Mortgage rates, though higher than in recent months, remain much lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.62 percent, meaning a $200,000 loan would have carried a monthly payment of $1,279.96. With the average rate now 5.80 percent, the monthly payment for the same size loan would be $1,173.51, a savings of $107 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.8% - up from 5.76% last week (avg. points: 0.45)

15-year fixed: 5.16% - down from 5.19% last week (avg. points: 0.37)

5/1 ARM: 5.26% - down from 5.37% last week (avg. points: 0.54)