Average 15-year fixed mortgage rate at 5.88%

Freddie Mac's Weekly Primary Mortgage Market Survey shows that the average 15-year fixed mortgage rate rose slightly to 5.88% from 5.86 last week. Despite all the chatter about subprime "carnage", relatively cheap mortgages continue to be available to consumers with semi-decent credit.

Mortgage applications were also up last week.

Maybe the sky isn't falling after all. Sorry Chicken Little.

-- Jack Krupansky