Mortgage rates moved very little during the week ended February 26 from the averages of the previous week according to the results of the Primary Mortgage Market Survey released Thursday morning by Freddie Mac.
The 30-year fixed-rate mortgage (FRM) increased from 5.04 percent to an average rate of 5.07 percent for the week. Fees and points were unchanged at 0.7 point.
The 15-year FRM was unchanged at 4.68 percent with 0.7 point.
The five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.06 percent during the week compared to 5.04 percent for the week ended February 19. Fees and points also increased from 0.6 to 0.7 point.
One-year Treasury-indexed ARMs increased one basis point to 4.81 percent. Fees and points grew from 0.5 to 0.6 point.
According to Frank Nothaft, Freddie Mac vice president and chief economist, "Mortgage rates were little changed this week amid mixed data reports of a slowing economy. Both the core Producer Price and Consumer Price Indexes ticked up in January, higher than the market consensus, while consumer confidence in February fell to the lowest reading since records began in January 1967.
"Lower house prices and affordable mortgage rates have yet to spur housing demand. For instance, house prices declined by 8.7 percent for the 12 months ending in December 2008 and were down 10.9 percent from their highs set ion April of 2007, according to the Federal Housing Finance Agency's purchase-only monthly home price index. However, existing home sales (excluding condominiums and co-ops) fell 4.7 percent in January to 4.05 million units (annualized), the slowest pace since July 1997."
Earlier in the week Fannie Mae released data on its yields for the week ended February 23. Fannie Mae yields are quoted on a net basis and do not include servicing fees.
Conventional 30-year FRMs averaged 4.65 percent compared to an average of 4.59 percent a week earlier. The 15-year conventional FRM moved only slightly from 4.15 to 4.17. Government guaranteed FHA/VA 30-year mortgages averaged 6.28 percent against 6.18 percent one week earlier.
The one-year ARM remained at an average of 4.44 percent, the same as the previous reporting period.