Mortgage rates barely budged this week.

The average 30-year fixed-rate mortgage was down a mere 3 basis points, to 6.13 percent. A basis point is one-hundredth of a percentage point.

The average 15-year fixed -- a popular option for refinancing -- remained unchanged at 5.71 percent. The average jumbo 30-year fixed also was unchanged at 7.35 percent.

The one-year adjustable-rate mortgage slipped 1 basis point, to 6.95 percent. The popular 5/1 ARM fell 9 basis points, to 5.87 percent.

Mortgage application activity rose after two weeks of significant decline. For the week ending May 2, activity rose a seasonally adjusted 15.6 percent from a week earlier, according to the Mortgage Bankers Association.

Refinancing was up 19.3 percent. Applications for purchase rose 12.1 percent, with government-purchase loans (largely Federal Housing Administration products) up a particularly robust 13.2 percent.

Meanwhile, the National Association of Realtors reported that pending home sales declined by 1 percent in March, to a reading of 83. The indicator was down from an 83.8 reading in February and 20.1 percent lower than the 103.9 reading in March 2007.

Access to affordable mortgages is a problem in some areas of the country, and is hindering a recovery in the housing market, according to an NAR statement. Home sales should continue to be soft for the next couple of months before improving over the summer, the NAR predicts.

-- Chris Kissell

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