Fixed mortgage rates pulled back this week, with the average conforming 30-year fixed mortgage rate dropping to 6.02 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.44 discount and origination points.

The average 15-year fixed rate mortgage popular for refinancing fell to 5.63 percent, while the average jumbo 30-year fixed rate is at 7.29 percent. Adjustable mortgage rates got in on the act too, with the average 5/1 ARM retreating to 5.71 percent and the average 7/1 ARM backpedaling to 5.99 percent.

Weak economic data helped push mortgage rates lower. Concerns about economic growth and worries about building inflation pressures are playing tug-of-war with mortgage rates. Oil prices play a dual role by contributing to higher prices on both the headline and core levels while representing a drag on economic growth. Fixed mortgage rates are closely related to yields on long-term government bonds, and both are heavily influenced by the outlook for the economy and inflation.

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. In February, the average 30-year fixed rate got as high as 6.41 percent, which meant the same $200,000 loan would have carried a monthly payment of $1,252.32. Today, with the average rate at 6.02 percent, a $200,000 loan would mean a monthly payment of $1,201.67.

                              SURVEY RESULTS

  30-year fixed: 6.02% -- down from 6.19% last week (avg. points: 0.44)

  15-year fixed: 5.63% -- down from 5.78% last week (avg. points: 0.37)

     5/1 ARM: 5.71% -- down from 5.86% last week (avg. points: 0.42)

Web site: http://www.bankrate.com/