Primary Mortgage Market Survey Says Rates Flat

Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 5.67% with an average 0.4 point for the week ending February 7, 2008, down slightly from last week when it averaged 5.68%. Last year at this time, the 30-year FRM averaged 6.28%. The 15-year FRM this week averaged 5.15% with an average 0.4 point, down from last week when it averaged 5.17%. A year ago at this time, the 15-year FRM averaged 6.02 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.21% this week, with an average 0.4 point, down from last week when it averaged 5.32%. A year ago, the 5-year ARM averaged 5.99%. One-year Treasury-indexed ARMs averaged 5.03% this week with an average 0.5 point, down from last week when it was 5.05%. At this time last year, the 1-year ARM averaged 5.49%. "Long-term mortgage rates were little changed this week, largely in sync with the movements in the Treasury bond yields during the same time," said Frank Nothaft, Freddie Mac vice president and chief economist. "Additionally, economic news released in the past week showed that the economy continues to be weak."