The 30-year fixed mortgage rate in Freddie Mac's weekly survey slipped just one basis point to 6.05% this week, while 15-year fixed rose one basis point to 5.60%.

On the adjustable-rate side, the five-year hybrid ARM rates averaged 5.67%, down six basis points from the previous week's average, and one-year ARM rates were unchanged at 5.29% for the third straight week.

Freddie Mac Chief Economist Frank Nothaft attributed the limited change in mortgages to "better-than-expected economic data releases that indicated the economy still has some staying power."

With rates holding steady, application activity is expected to hold around current levels. Yesterday, the MBA reported a 19% increase in its Refinance Index to 2274 for the week ending May 2. The Purchase Index rose 12% to 381.

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