Mortgage rates eased back following a big move up last week, with the benchmark conforming 30-year fixed mortgage rate falling to 5.16 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 4.43 percent, while the larger jumbo 30-year fixed rate inched lower to 5.73 percent. Adjustable rate mortgages were mixed, with the average 3-year ARM sliding to 3.97 percent and the 5-year ARM climbing to 4.05 percent.

Retail sales that came in below expectations contributed to this week's retreat in mortgage rates. Although the tone of economic data is certainly stronger in recent months, any less-than-stellar reports or comments by Fed Chairman Ben Bernanke make it clear that the Fed has no intention of raising interest rates any time soon. The reality of low rates and sluggish job growth sustain demand for government bonds, to which mortgage rates are closely related.

Mortgage rates have staged a big rebound off the record lows seen in November. At the time, the average 30-year fixed rate was 4.42 percent, meaning a $200,000 loan would have carried a monthly payment of $1,003.89. With the average rate now 5.16 percent, the monthly payment for the same size loan would be $1,093.29, a difference of almost $90 per month for anyone sitting on the fence.

SURVEY RESULTS

30-year fixed: 5.16% -- down from 5.23% last week (avg. points: 0.42)

15-year fixed: 4.43% -- down from 4.48% last week (avg. points: 0.36)

5/1 ARM: 4.05% -- up from 4.01% last week (avg. points: 0.39)