Freddie Mac released its weekly update on national mortgage rates on Thursday morning, showing mortgage rates broadly flat to declining over the past seven days.

Thirty-year fixed-rate mortgages (FRMs) declined by two basis points, falling to 4.12%. 15-year FRMs held steady at 3.22%. One year ago, 30-year FRMs averaged 4.29%, and 15-years 3.39%.

5/1 adjustable-rate mortgages (ARMs) were likewise flat at 2.98% in the most recent week. 1-year ARMs slipped two b.p. to end at 2.38%. A year ago, 5/1 ARMs averaged 3.10 %, and 1-year ARMs averaged 2.66%.

Freddie Mac vice president and chief economist Frank Nothaft characterized the rates as "little changed." He noted pending home sales data showing a 6.1% rise in May, and private residential-construction spending rising 7.5% year over year.

Ordinarily, higher levels of spending and sales would be expected to result in higher mortgage rates, with the greater demand spurring rises in price. This did not happen last week.