It appears for the time being, the end of the Fed’s $1.25trn mortgage-backed securities (MBS) purchase program hasn’t resulted in mortgage rates skyrocketing up. In fact, rates are down for the second consecutive week and according to Freddie Mac ($0.00 0%), are at the lowest level in six weeks.

The Freddie Mac weekly survey put the average rate for a 30-year fixed-rate mortgage at 5% with an average 0.7 point origination point for the week ending May 6, down from last week’s average of 5.06%. A year ago, the 30-year FRM averaged 4.84%.

The Bankrate.com survey of large banks and thrifts put the average rate for a 30-year FRM at 5.12% with a 0.47 origination point, down from last week when it averaged 5.21%.

Freddie said the 15-year FRM averaged 4.36% with an average 0.7 point, down from last week when it averaged 4.39%. A year ago, the 15-year FRM averaged 4.51%. Bankrate.com said the 15-year FRM averaged 4.49% with a 0.47 point, down from 4.54% last week.

“Treasury bond and note yields declined this week, and rates on fixed-rate mortgages and hybrid [adjustable-rate mortgages] ARMs followed suit,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Rates for both the 30-year and 15-year fixed-rate mortgages were the lowest in six weeks; initial rates on 5/1 hybrid ARMs hit an all-time low since they were added to the survey in the beginning of 2005.”

The Freddie survey put the average rate for a five-year Treasury-indexed hybrid ARM at 3.97% with an average 0.7 point this week, down from last week when it averaged 4%. A year ago, the 5-year ARM averaged 4.9%. Freddie also said the average rate for a one-year Treasury-indexed ARM averaged 4.07% with an average 0.6 point, down from last week when it averaged 4.25%. At this time last year, the 1-year ARM averaged 4.78%

Bankrate.com put the average rate for a five-year ARM at 4.31% with a 0.47 point, down from 4.37% last week.

Write to Austin Kilgore.

The author held no relevant investments.