Mortgage rates mixed

Long-term mortgage rates were relatively unchanged as the economic indicators came in as expected.

March 27, 2008: 11:24 AM EDT

NEW YORK (CNNMoney.com) -- Mortgage rates were mixed this week as the index of leading indicators fell for the fifth straight month, home prices continued their decline and consumer confidence reached a 5-year low, Freddie Mac reported Thursday.

The government-sponsored loan buyer said 30-year fixed-rate loans averaged 5.85% for the week ending Thursday, down from 5.87% last week.

Last year at this time, the 30-year rate averaged 6.16%, Freddie Mac said.

"Long-term mortgage rates were mixed, but relatively unchanged in the past week as the latest economic indicators came in much as expected," said Freddie Mac (FRE, Fortune 500) vice president and chief economist Frank Nothaft in a statement Thursday.

"On the housing front, house prices keep declining across the nation," Nothaft added. "Lower prices improve affordability and the National Association of Realtors reported that its home affordability index was at the highest level in nearly five years, contributing to a pickup in existing home sales in February."

Freddie Mac also said 15-year fixed-rate loans averaged 5.34%, up from 5.27% last week. A year ago, the 15-year rate averaged 5.86%.

Rates on five-year adjustable-rate mortgages (ARMs) averaged 5.67%, up from 5.56% last week. A year ago, the 5-year rate averaged 5.88%.

One-year Treasury-indexed ARMs averaged 5.24%, up from 5.15% last week. At this time a year ago, the 1-year ARM averaged 5.43%.

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