Mortgage rates barely moved during the past week according to Freddie Mac reporting for the period ending May 4 and the Mortgage Bankers Association for the week ending May 5. While the trend continued, as it has for some time, to be up for most products the one-year adjustable rate mortgage (ARM) actually declined according to both organizations.

The Freddie Mac Weekly Primary Mortgage Market Survey reported that the rate for the 30-year fixed-rate mortgages averaged 6.59 percent for the week compared to 6.58 percent the previous week. Fees and points moved upward from 0.5 to 0.6. Changes in fees and points were identical for the 15 year fixed and the average interest rate was also up a mere one basis point to 6.22 percent.

The rate for the 5/1-year hybrid ARM was unchanged at 6.21 percent although fees and points did increase from 0.6 to 0.7. The 1-year ARM declined one basis point to 5.67 and fees and points for this product also increased from 0.7 to 0.8.

The Mortgage Bankers Association reported slightly greater changes in the average rates for the week, but swings up and down were still modest. The average contract rate for 30-year fixed-rate mortgages increased four basis points to 6.61 percent with points, including the origination fee, declining from 1.18 to 1.14. The 15-year fixed rate increased to 6.20 from 6.19 with points rising to 1.23 from 1.18.

The rate for the one-year ARM decreased from 6.08 to 6.04 percent with points up 0.01 to 0.86. All MBA averages are for 80 percent LTV loans.

Activity was down from the previous periods for which MBA reports. Applications declined 5.8 percent on a seasonally adjusted basis from the volume recorded the previous week and 5.2 percent on an unadjusted basis. Volume was down a notable 27.1 percent from the same week in 2005.

Applications to refinance as a percent of overall mortgage activity decreased to 33.8 percent from 35.2 percent the previous week. MBA reports that this is the smallest share held by the refinance part of the market since June 2004. The ARM share of the market was up a bit from 28.3 percent to 28.5.