Fixed mortgage rates were modestly higher this week, with the average conforming 30-year fixed mortgage rate rising to 6.19 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points.

The average 15-year fixed rate mortgage popular for refinancing increased to 5.78 percent, while the average jumbo 30-year fixed rate is now 7.41 percent. Adjustable mortgage rates slumped, with the average 3/1 ARM retreating to 5.79 percent and the average 7/1 ARM falling to 6.06 percent.

Inflation worries continue to pressure mortgage rates. Fixed mortgage rates increased despite a better-than-expected reading on the Consumer Price Index for April. Optimism about a shallow recession and an economic rebound stand in contrast to the gloomy forecasts so prevalent of late, and have contributed to the uptick in mortgage rates. 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 6.19 percent, a $200,000 loan would mean a monthly payment of $1,223.64.