Despite all of the turmoil in the credit markets this week, mortgage rates remained relatively staple according to Freddie Mac Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate mortgage (FRM) averaged 6.10 percent with an average 0.6 point for the week ending October 2, 2008, up from last week when it averaged 6.09 percent. Last year at this time, the 30-year FRM averaged 6.37 percent.

The 15-year FRM this week averaged 5.78 percent with an average 0.6 point, up from last week when it averaged 5.77 percent. A year ago at this time, the 15-year FRM averaged 6.03 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.00 percent this week, with an average 0.6 point, down from last week when it averaged 6.02 percent.A year ago, the 5-year ARM averaged 6.11 percent.

One-year Treasury-indexed ARMs averaged 5.12 percent this week with an average 0.5 point, downfrom last week when it averaged 5.16 percent. At this time last year, the 1-year ARM averaged 5.58 percent.

"Average mortgage rates were nearly unchanged during the past week, leaving rates above the levels of two weeks ago," said Frank Nothaft, Freddie Mac vice president and chief economist. "Reflecting the rate uptick from two weeks ago, the Mortgage Bankers Association reported that loan applications were down 23 percent last week.

"The Institute for Supply Management's manufacturing index dropped from August's 49.9 to 43.5 in September, indicating further erosion in new orders, a decline in order backlog, and lessened production, suggesting further cutbacks in manufacturing activity in coming weeks. Consumers are feeling the effects of the slowing economy as well. For example, consumer spending was unchanged in August and revised downward for the month of July."

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