Mortgage rates were mixed for the weeks ending May 11 and May 12 according to data released in the last few days by Freddie Mac and the Mortgage Bankers Association respectively.

Freddie Mac's Primary Mortgage Market Survey found that rates for 30-year fixed rate mortgages averaged 6.58 percent for the week. This rate was one basis point lower than the previous week. Fees and points averaged one-half point compared to 0.6 the previous week. One year ago the rate was 5.77 percent.

The 15-year rate dropped 5 basis points to 6.17 percent with fees and points also at 0.5, down 0.1 from the week ended May 4. One year ago the 15-year averaged 5.33 percent.

The 5/1 ARM ticked upward from 6.21 percent to 6.22 percent but fees and points were down two-tenths points to 0.5. The 1-year ARM was at 5.62 percent with 0.7 points compared to 5.67 and 0.8 points one week earlier. The 5/1 is now slightly more than a point higher than one year ago when it averaged 5.21 percent and the 1-year has climbed even further from the 4.23 percent it averaged in May 2005.

Frank Nothaft, Freddie Mac's vice president and chief economist said that "Less-than-expected job growth in April helped mortgage rates to level off this week. Even ARM rates were little affected by the Federal Reserve's increase in the federal funds rate." He said, however, that the release of the April Consumer and Producer Price Indexes due this week may cause rates to rise if the indexes show acceleration in inflation.

The Mortgage Bankers Association's Weekly Mortgage Applications Survey showed rate increases in every product category. The 30-year fixed rate mortgage increased to 6.66 percent from 6.61 percent with points increasing to 1.17 from 1.14. Points include the origination fee and all loan figures are for 80 percent loan to value mortgages.

The 15-year fixed rate mortgage increased six basis points to 6.26 while points decreased to 1.17 from 1.23.

The average contract rate for 1-year adjustable rate mortgages increased to 6.07 percent from 6.04 with points increasing to 0.89 from 0.87.

Mortgage applications were up 4.6 percent on a seasonally adjusted basis from the previous week and 4.8 percent unadjusted. Activity, however, was down 14.7 percent from the same week in 2005.

Refinancing was up slightly, representing 35 percent of all mortgage applications compared to 33.8 percent a week earlier. ARMs also increased their share of all mortgages from 28.5 percent to 29.9 percent.