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.

                              SURVEY RESULTS

  30-year fixed: 6.74% -- up from 6.70% last week (avg. points: 0.38)
  15-year fixed: 6.27% -- up from 6.22% last week (avg. points: 0.47)
  5/1 ARM: 6.32% -- down from 6.35% last week (avg. points: 0.45)

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.

The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. This week, a majority of panelists, 71 percent, expect mortgage rates to continue climbing. Chances of a decline look slim, with only 21 percent voting that way. Just 8 percent forecast that rates will remain more or less unchanged in the next 30 to 45 days.

About Bankrate, Inc. (NASDAQ:RATE)

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure and InsureMe. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2007, Bankrate.com had nearly 60 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (NASDAQ:YHOO) , America Online (NYSE:TWX) , The Wall Street Journal and The New York Times (NYSE:NYT) . Bankrate.com's information is also distributed through more than 500 newspapers.

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