Subprimes fail to shake mortgage rates

NEW YORK (CNNMoney.com) -- Mortgage rates remained largely unchanged last week despite news of a shakeout in the subprime industry.

The 30-year fixed rate averaged 6.14 percent, unchanged from last week. A year ago, the 30-year stood at 6.34 percent.

The 15-year fixed rate averaged 5.88 percent, up slightly from 5.86 last week. A year ago, the 15-year stood at 5.98 percent.

"Mortgage rates moved little in the past week, as the latest economic news gave no reason for change," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Over the course of next week, February's inflation measures at the wholesale and retail levels will be published and could serve as the driving force behind further rate movement," said Nothaft.

The five-year treasury-indexed ARM averaged 5.90 percent last week, unchanged from last week. The 5-year ARM last year averaged 5.93 percent.

The one-year ARM averaged 5.42 percent down from 5.47 percent last week. Last year at this time it averaged 5.37 percent.

Leading builders that have reported weakness in prices include Lennar (Charts), Pulte Home (Charts), and D.R. Horton (up $0.28 to $23.08, Charts).

------------------------------------------------------------------------

Scary math: More homes, fewer buyers

$1,300...$2,000...there goes your mortgage