Mortgage rates continue to yo-yo up and down, with the average rate on the benchmark conforming 30-year fixed mortgage rate falling back to 4.94 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.

The average 15-year fixed mortgage retreated to 4.32 percent, while the larger jumbo 30-year fixed rate settled at 5.59 percent. Adjustable rate mortgages were mostly lower, with the average 3-year ARM sinking to 3.9 percent and the 5-year ARM dipping to 3.99 percent.

After a sharp run-up in mortgage rates that started in early November, mortgage rates have spent the past month bouncing back-and-forth over the 5 percent mark. While mortgage rates stayed range-bound through the holiday season, the tone of economic data has been decidedly better and a looming jobs report could push mortgage rates higher if it shows evidence of increased hiring. Mortgage rates are closely related to yields on long-term government bonds, which rise along with the fortunes of the economy.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average 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 4.94 percent, the monthly payment for the same size loan would be $1,066.32, a savings of $175 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 4.94% - down from 5.02% last week (avg. points: 0.42)

15-year fixed: 4.32% - down from 4.39% last week (avg. points: 0.41)

5/1 ARM: 3.99% - down from 4.00% last week (avg. points: 0.44)