By the end of last week, market analysts got their first indications of activity for the new year. From the latest issue of HSH’s Market Trends newsletter: “Mortgage rates were basically unchanged [last] week, which included the first days of 2009. Thinly traded markets, vacations and holidays being what they are, a lack of any real direction is pretty typical.

Overall, the average 30-year fixed rate mortgage nudged a lone basis point higher. HSH’s Fixed-Rate Mortgage Indicator FRMI rose to 5.89%. The overall average for the 5/1 Hybrid ARM slipped back by fourteen basis points, landing at 5.80% for the week, the lowest such average since February 2008.

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The Senate and Congress have debated over a housing rescue bill, designed to help businesses and homeowners who have been affected by the housing crisis, for months now. With each set of lawmakers passing their own versions and amendments to the bill, and the president’s threat of veto hanging overhead, the purported rescue has gone nowhere.

Wachovia, on the other hand, issued a press release this week outlining the bank’s current initiatives designed to help keep their customers out of foreclosure and in their homes.

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The Senate unanimously passed an amendment regarding Adjustable Rate Mortgages (ARMs) to the ongoing housing rescue bill last week. Senator Christopher S. Bond’s (R-Mo.) amendment requires lenders and brokers to provide clearer information to consumers regarding ARMs with “teaser” rates. Senator Bond explained ARMs with teaser rates “played a large role in our current subprime mortgage crisis.”

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