According to Freddie Mac's Primary Mortgage Market Survey, rates for the 30 year fixed mortgage remained unchanged throughout the week at an average of 5.88 percent while the 15 year fixed rate mortgage actually rose from 5.34 percent to 5.42 percent. On the other hand short term mortgage rates such as the 5 year arm and the 1 year arm fell during the week.

The much anticipated pending home sales for the month of February fell short of what analyst predicted, coming in at a seasonally adjusted index of 84.6, down 21 percent from last year.

To top of this week of dismal reports, Henry Paulson added that the US economy is facing a sharp downturn with housing being the biggest risk. The Internation Monetary Fund added that the US economy is "definantly" in a recession.

For a more detailed look into these reports and other mortgage news visit Future Planning Financial at www.fpf-direct.com.