The benchmark conforming 30-year fixed mortgage rate inched higher from 4.23 percent to 4.25 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

The average 15-year fixed mortgage ticked up to 3.50 percent while the larger jumbo 30-year fixed rate slid further, resetting a record low of 4.76 percent. Adjustable rate mortgages were mixed, with the average 3-year ARM climbing to 3.47 percent and the 5-year ARM sliding to 3.16 percent.

Mortgage rates moved slightly this week, as mortgage rates continue to see-saw up and down as worries over European debt issues take turns intensifying – then easing – each day. Any time worries intensify it is good news for mortgage shoppers as global investors flock to safe haven U.S. Treasury securities, pushing bond yields lower. Mortgage rates are closely related to the yields on long-term government bonds. With the likelihood of an imminent U.S. recession dismissed,Europewill continue to be the focus of financial markets and be the key driver of mortgage rates in the weeks ahead.

The last time mortgage rates were above 6 percent wasNov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a$200,000loan would have carried a monthly payment of$1,241.86. With the average rate now 4.25 percent, the monthly payment for the same size loan would be$983.88, a difference of$258per month for anyone refinancing now.