(Newsroom America) -- Mortgage rates moved only slightly this week, with the average rate on the benchmark 30-year fixed mortgage rising for the second consecutive week to 3.81 percent, according to Bankrate.com's weekly national survey.
The average 30-year fixed mortgage has an average of 0.44 discount and origination points.
The average 15-year fixed mortgage rate inched higher to 3 percent while the larger jumbo 30-year mortgage reversed course from last week, settling back at 4.38 percent.
Adjustable mortgage rates were all over the map, with the 1-year ARM moving down to 3 percent, the 3-year ARM moving up to 2.98 percent, and the 5-year adjustable holding steady at 2.91 percent.
Bankrate said a better than expected jobs report for the month of July put a floor under bond yields and mortgage rates this week.
"With investors no longer feeling as if the sky is falling, at least temporarily, fixed mortgage rates did move a tad higher. Mortgage rates are closely related to yields on long-term government bonds. Should the better economic news continue, it would keep further Fed stimulus at bay, and likely push up rates a bit more, so stay tuned," it said.
The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 3.81 percent, the monthly payment for the same size loan would be $933.05, a difference of $308 per month for anyone refinancing now.
30-year fixed: 3.81% -- up from 3.77% last week (avg. points: 0.44)
15-year fixed: 3.00% -- up from 2.99% last week (avg. points: 0.35)
5/1 ARM: 2.91% -- unchanged from last week (avg. points: 0.34)
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 Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days.
The panelists are divided, with 42 percent expecting mortgage rates to increase and an equal 42 percent saying mortgage rates will remain more or less unchanged over the next seven days. Just 16 percent forecast a decline over the coming week.