Mortgage rates this week were steady, moving only slightly up or down if at all.

Results from the Primary Mortgage Market Survey released by Freddie Mac Thursday morning showed that the 30-year fixed-rate mortgage (FRM) averaged 5.10 percent with 0.7 point during the week ended January 29.  A week earlier the average was 5.12 percent, also with 0.7 point.

The 15-year FRM remained unchanged from the average of 4.80 percent during the week ended on January 22.  Fees and points were also unchanged at 0.7 point.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) had an average rate of 5.27 percent with 0.6 point during the week, up slightly from 5.24 percent with 0.6 point the week before. 

The one-year Treasury-indexed ARM was down two basis points to 4.90 percent and fees and points also decreased from 0.7 point to 0.6.

"Mortgage rates held steady this week," said Frank Nothaft, Freddie Mac vice president and chief economist.  "The index of leading indicators rose 0.3 percent in December, the first increase in 6 months, fueled by an expansion in the money supply.  However, the Federal Reserve acknowledged in its January 28^th policy committee statement that since December the economy has weakened further.

"Both the S&P/Case-Shiller® 20-city composite index, which registered an 18 percent annual decline through November, and the National Association of Realtors® (NAR) sales data, down 15 percent in December from a year ago, indicate sharply lower house prices across many U.S. metropolitan areas. At the same time, interest rates for 30-year fixed-rate mortgages reached a 50-year low toward the end of December.  These two factors contributed to housing affordability reaching its highest level since 1973, as measured by the NAR's monthly affordability index and help to explain the 7.0 percent increase in existing home sales in December."

Earlier in the week Fannie Mae announced weekly yields for the most recent period ended January 26.  Yields are quoted on a net basis and do not include servicing fees.

The 30-year FRM increased to 4.45 percent from the average of 4.21 percent a week earlier.  The 15-year FRM averaged 4.13 percent compared to 3.97 percent during the week ended January 19.  The average yield for a government guaranteed 30-year FHA or VA mortgage also increased from 5.21 to 5.54 percent.

The one-year ARM averaged 4.28 percent.  One week earlier the average was 4.23 percent.