With the exception of the five-year treasury indexed hybrid adjustable rate mortgage (ARM), mortgage rates remained virtually unchanged for the second week in a row according to the results of the Primary Mortgage Market Survey conducted by Freddie Mac for the week ended November 15.

The 30-year fixed-rate mortgage (FRM) remained at 6.24 percent with 0.4 point for the second week while the 15-year FRM drifted down to 5.88 percent from 5.90 percent. Fees and points were unchanged at 0.4. As has been the case for several weeks, both FRM products were at levels last seen in May of this year.

The one-year ARM was also unchanged from the 5.50 percent average rate for the week ended November 8 although the average fees and points were down slightly from 0.6 to 0.5.

The five-year hybrid ARM, however, did move up from 5.89 percent with 0.5 point to 5.96 percent with 0.4 point.

"Higher productivity growth in the third quarter coupled with a larger-than-expected decline in consumer confidence in November sent mixed signals to the current state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "As a result, there were no definite upward or downward pressures on mortgage rates this week.

"On a positive note, the National Association of Realtors reported this week an unexpected 0.2 percent gain in September's pending home sales index, which suggests less of a decline in existing home sales for October and November. That said, however, it should be noted the index is still 24 percent below that in December 2006."

The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ended November 16 showed similar rate inertia.

The average contract interest rate for 30-year FRMs dropped one basis point to 6.18 percent with points, including the origination fee, decreasing from 1.16 to 1.01.

The 15-year FRM had a slightly larger drop, decreasing to 5.71 from 5.77 percent with points going from 1.13 to 1.12 while the one-year ARM was unchanged at 5.98 percent although points did decline from 0.93 to 0.89.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.6 percent from the previous week on a seasonally adjusted basis and 5.2 percent on an unadjusted basis. The Index increased 9.8 percent from the same week in 2006.