Mortgage Rates Stay Calm in Week

All rates are still far below year-ago levels.

Fannie, the second-biggest mortgage buyer behind Freddie, is set to report quarterly results on Friday, which might provide some additional color on the current state of the mortgage market and the outlook going forward.

Keith Gumbinger, vice president of HSH Associates, a firm that also tracks mortgage rates, notes that the housing bill's passage last week eased pressure on the housing market. However, Gumbinger notes that the widespread "buyer's strike" going on in terms of mortgage securities can only be exacerbated by Freddie and Fannie decelerating their loan purchases.

"It could pressure rates higher ultimately," he says. But for now, "things are pretty flat -- we're all due for kind of a breather."

Consumers can check the best local mortgage rates by visiting BankingMyWay.com.