Briefly

* The national average rate on 30-year, fixed-rate mortgages nudged up to 5.40% last week from 5.38% the week before. The rate for 15-year, fixed-rate mortgages was 4.70% up slightly from 4.69%. But rates for one-year adjustables fell to an average 3.36% from 3.39% a week earlier, dropping to their lowest level since Freddie Mac began tracking rates on one-year ARMs in 1984.

* The Commerce Department said Wednesday sales of new U.S. homes rose a stronger-than-expected 5.8% to a seasonally adjusted 1.163 million annual pace in February, the fastest rate since August’s 1.190 million. January sales were revised to a 1.099 million rate from 1.106 million.

From Times wire reports