Rates Move Little

The average 30-year fixed mortgage rate was unchanged, at 6.14%, for the seven-day period ended March 15, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.86% to 5.88%, the average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages was unchanged, at 5.90%, and the average rate for one-year Treasury-indexed ARMs decreased from 5.47% to 5.42%, Freddie Mac reported. Fees and points averaged 0.4 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. "Mortgage rates moved little in the past week, as the latest economic news gave no reason for change," said Frank Nothaft, Freddie Mac's chief economist. "The economy added 97,000 jobs in February, in line with consensus expectations, while the unemployment rate dipped to 4.5%. But the promising employment situation did not materialize at the cash registers, with retail sales only growing by 0.1% in February, falling short of the 0.3% gain that had been predicted." A year ago, the average 30-year and 15-year fixed rates were 6.34% and 5.98%, respectively, and the average hybrid and one-year ARM rates were 5.93% and 5.37%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.