Mortgage rates posted a modest advance, with the average conforming 30-year fixed mortgage rate increasing to 6.74 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.38 discount and origination points.

The average 15-year fixed rate mortgage popular for refinancing rose to 6.27 percent, while the average jumbo 30-year fixed rate is now 7.68 percent. Adjustable mortgage rates were lower, with the average 1-year ARM dipping to 6.24 percent and the average 5/1 ARM down to 6.32 percent.

Since posting a mighty advance two weeks ago, mortgage rates have settled into a range. Mortgage rates have been bobbing up and down, with no clear direction. That was true this week, with mortgage rates pulling back due to disappointing economic growth and more job losses before moving up as the Fed indicated interest rates could be on hold for some period of time. Another factor in higher mortgage rates has been the noticeably wider spread between benchmark Treasury yields and fixed mortgage rates. Spreads have expanded in recent weeks as investors fret about the quality of outstanding mortgage loans, commanding higher returns to compensate for the risk.

Mortgage rates have been on a wild ride since the beginning of the year. The average 30-year fixed mortgage rate was as low as 5.57 percent in January, meaning that a $200,000 loan would have carried a monthly payment of $1,144.38. But at today's rate of 6.74 percent, a $200,000 loan would mean a monthly payment of $1,295.87.