Mortgage rates were essentially flat for the week ending February 9 and February 10 according to Freddie Mac and to the Mortgage Bankers Association respectively.

Freddie Mac's Weekly Primary Mortgage Market Survey reported the 30-year fixed rate mortgage as increasing a single basis point since the previous week, averaging 6.24 percent. Fees and points were up from 0.5 to 0.6 for the week. The 15-year fixed rose two basis points from 5.81 to 5.83 percent with an increase in fees and points identical to that of the 30-year.

Adjustable rate mortgages were equally flat on the rate side with the 5/1-year ARM increasing from 5.87 to 5.89 percent and the 1-yr up one basis point to 5.34. Fees and points, however, showed greater movement, but not in a consistent direction. The 5/1 increased from 0.5 to 0.7 while the 1-year did exactly the opposite, going from 0.7 to 0.5.

The Mortgage Bankers Association's survey tracked the contract interest rate for 30-year fixed-rate mortgages as unchanged at 6.25 percent with points increasing from 1.23 to 1.34. MBA's figures always cover 80 percent loan to value loans and reported points include the origination fee.

15-year fixed-rate loans averaged 5.92 percent, an increase of 5.84 percent over the previous week. Points dropped from 1.28 to 1.17.

The one-year ARM increased four basis points from 5.48 to 5.52 percent with points increasing from 0.96 to 0.99.

Mortgage activity as measured by MBA's Market Composite Index, decreased 7.3 percent on a seasonally adjusted basis from the previous week; 4.4 percent on an unadjusted basis. It was down a striking 21.7 percent compared with the activity during the same week in 2005.

Refinancing as a share of all mortgage activity dropped to 41.2 percent from 42.1 the previous week and the share of adjustable rate mortgages was down slightly from 29.8 percent of all applications to 29.6.