Mortgage rates remained virtually flat this week, awaiting the Fed’s labor market report tomorrow, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate.

In Freddie Mac’s weekly survey, the 30-year fixed-rate mortgage averaged 6.28 percent for the week ended today, down slightly from last week when it averaged 6.32 percent.

The average for the 15-year fixed-rate mortgage this week is 5.63 percent, down a little from last week when it averaged 5.69 percent. Points on both the 30- and 15-year averaged 0.7.

One-year Treasury-indexed adjustable-rate mortgages averaged 3.98 percent this week, with an average 0.6 point, up from last week when it averaged 3.87 percent.

“Financial markets are in limbo at the moment, waiting primarily on tomorrow’s jobs report for an indication that the growth in the economy is sustainable,” said Frank Nothaft, Freddie Mac vice president and chief economist. “We had two months of really strong job increases and a third month would reassure markets and be a stabilizing factor.

“With long-term mortgage rates higher than last year, those still looking to refinance for lower rates may want to take a look at ARMs and hybrid products, as they continue to offer terms that are low and attractive. Currently, for new mortgages, all ARM products make up about one-third of the market.”

Mortgage rates trickled lower this week, with the average 30-year fixed rate mortgage dipping from 6.35 percent to 6.34 percent, according to Bankrate.com’s weekly national survey of large lenders. Last week, the average 30-year fixed-rate mortgage was unchanged at 6.35 percent. The mortgages in this week’s survey had an average of 0.38 discount and origination points.

The 15-year fixed-rate mortgage popular for refinancing inched lower from 5.71 percent to 5.7 percent. The jumbo 30-year fixed-rate mortgage retreated 1 basis point to 6.53 percent and the one-year adjustable-rate mortgage increased 1 basis point to 4.12 percent. A basis point is one one-hundredth of one percentage point.

Mortgage rates have been treading water in the past three weeks, following a sharp eight-week rise. The average 30-year fixed-rate mortgage climbed from 5.41 percent on March 17 to 6.37 percent as of May 12.

Mortgage rates have since stabilized, with the average 30-year fixed-rate mortgage now at 6.34 percent, following a two-week stay at 6.35 percent. Mortgage rates have stabilized as focus shifted away from the economy and rising interest rates, centering instead on global concerns and rising oil prices. Continued strength in new jobs or renewed concerns about inflation could spark volatility in mortgage rates in the coming weeks if investors sell long-term Treasury securities. Mortgage rates are closely related to the yields on long-term government bonds.

The following is a sampling of Bankrate’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.

New York – 6.42 percent with 0.14 point

Los Angeles – 6.32 percent with 0.69 point

Chicago – 6.43 percent with 0.08 point

San Francisco – 6.37 percent with 0.46 point

Philadelphia – 6.34 percent with 0.25 point

Detroit – 6.26 percent with 0.46 point

Boston – 6.38 percent with 0.1 point

Houston – 6.32 percent with 0.58 point

Dallas – 6.29 percent with 0.62 point

Washington, D.C. – 6.3 percent with 0.46 point

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