Fixed Rates Little Changed

The average 30-year fixed mortgage rate fell from 6.16% to 6.15% for the seven-day period ended May 10, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate was unchanged, at 5.87%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages climbed from 5.87% to 5.89%, and the average rate for one-year Treasury-indexed ARMs increased from 5.42% to 5.48%, Freddie Mac reported. Fees and points averaged 0.5 of a point for fixed-rate mortgages, 0.6 of a point for hybrid ARMs, and 0.7 of a point for one-year ARMs. "Low employment growth in April -- the slowest pace since November 2004 -- and downward revisions to both February and March job growth tempered market concerns of future increases in the rate of inflation," said Frank Nothaft, Freddie Mac's chief economist. "As a result, mortgage rates were little changed this week." A year ago, the average 30-year and 15-year fixed rates were 6.58% and 6.17%, respectively, and the average hybrid and one-year ARM rates were 6.22% and 5.62%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.