Average 30-year fixed rate now 6.32 percent, little changed from one week ago

Mortgage rates had an eventful week but ended up right back where they started. The average 30-year fixed rate is now 6.32 percent, little changed from 6.31 percent one week ago. According to Bankrate.com's weekly national survey of large lenders, the 30- year fixed rate mortgages had an average of 0.26 discount and origination points.

The average 15-year fixed rate mortgage popular for refinancing remained at 6.02 percent. On larger loans, the average jumbo 30-year fixed rate slid to 6.56 percent. Adjustable rate mortgages were mixed. The average 5/1 adjustable rate mortgage increased to 6.16 percent and the average one-year ARM inched lower to 5.91 percent.

Mortgage rates surged following the Nov. 3 employment report that showed strong upward revisions to job growth in August and September. Investors sold bonds in a flurry, pushing bond prices lower and bond yields higher. Mortgage rates are closely related to yields on long-term government bonds. But both bond yields and mortgage rates have fallen back in recent days following a number of corporate bond issuances this week.

Fixed mortgage rates are sharply lower than four months ago, when rates were flirting with 7 percent. At that time, the average 30-year fixed mortgage rate peaked at 6.93 percent, meaning that the monthly payment on a loan of $165,000 was $1,090. With the average 30-year fixed rate now 6.32 percent, the same loan originated today would carry a monthly payment of $1,023.46. Fixed mortgage rates are a compelling refinancing alternative for adjustable rate borrowers facing sharp payment adjustments.

SURVEY RESULTS
30-year fixed: 6.32% -- up from 6.31% last week (avg. points: 0.26)
15-year fixed: 6.02% -- unchanged from last week (avg. points: 0.28)
5/1 ARM: 6.16% -- up from 6.13% last week (avg. points: 0.27)

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.

For a full analysis of this week's move in mortgage rates, go to: www.bankrate.com/mortgagerates.com .