Mixed signals keep mortgage rates flat

NEW YORK (CNNMoney.com) -- Mortgage rates were flat following mixed economic signals, Freddie Mac reported Thursday.

The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan remained at 6.24 percent for the week ended Nov. 15.

The 30-year rate has not been lower since the week ending May 17, 2007, when it averaged 6.21 percent, Freddie Mac said.

At this time last year, 30-year mortgage rates also averaged 6.24 percent.

"Higher productivity growth in the third quarter coupled with a larger-than-expected decline in consumer confidence in November sent mixed signals to the current state of the economy," said Freddie Mac (Charts, Fortune 500) chief economist Frank Nothaft. "As a result, there were no definite upward or downward pressures on mortgage rates this week.

Freddie Mac said rates on 15-year fixed-rate loans averaged 5.88 percent, down from 5.90 percent last week. A year ago, the 15-year rate averaged 5.94 percent. The 15-year rate has not been lower since the week ending May 10, when it averaged 5.87 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 5.96 percent this week, up from 5.89 percent last week. A year ago, the 5-year ARM averaged 6.04 percent.

One-year ARMs averaged 5.50 percent this week, unchanged from last week. At this time last year, the 1-year ARM averaged 5.53 percent.