Mortgage rates pulled back, with the benchmark 30-year fixed mortgage rate retreating to 4.64 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.34 discount and origination points.

The average 15-year fixed mortgage was down to 3.69 percent, while the larger jumbo 30-year fixed mortgage inched higher to 4.73 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM settling at 3.46 percent and the 10-year ARM slumping to 4.19 percent.

Mortgage rates started out 2014 by pulling back, helped by a few down sessions in the stock market. This week's decline largely unwinds the increase in mortgage rates seen in the last week of 2013. Mortgage rates are closely related to yields on long-term government bonds, so as those bond yields move up and down, mortgage rates typically follow.

On May 1, 2013, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.64 percent, the monthly payment for the same size loan would be $1,030.08, a difference of almost $130 per month for anyone that waited too long.

Findings:
30-year fixed: 4.64 percent - down from 4.69 percent last week (avg. points: 0.34)
15-year fixed: 3.69 percent - down from 3.73 percent last week (avg. points: 0.25)
5/1 ARM: 3.46 percent - down from 3.52 percent last week (avg. points: 0.26)

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. For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/.

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