Fixed mortgage rates reversed course, with the average conforming 30-year fixed mortgage rate rebounding to 6.17 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.36 discount and origination points.

The average 15-year fixed rate mortgage popular for refinancing increased even more, to 5.89 percent. The average jumbo 30-year fixed rate jumped to 7.24 percent. Adjustable mortgage rates were higher across the board, with the average one-year ARM rising to 6.17 percent, and the average 5/1 ARM climbing to 6.29 percent.

Mortgage rates erased the previous week's decline after the November jobs report indicated that job growth is slowing, but not tanking. With bond yields priced for a worst-case employment report, the "not-as-bad-as-expected" report led Treasury yields and mortgage rates higher as traders unwound positions. Mortgage rates are closely related to yields on long-term government bonds. The uncertain path of the economy is bound to keep mortgage rates in flux, but rates have dropped notably since the summer. This attracts potential refinancers and prospective buyers that are eyeing both lower home prices and lower mortgage rates.

Fixed rate mortgages are currently the most attractive option for borrowers. Five months ago, the average 30-year fixed mortgage rate was 6.78 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,301.19. Now that the average conforming 30-year fixed rate is 6.17 percent, the same $200,000 loan carries a monthly payment of $1,221.05.