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Refinance Index vs 30 Yr Fixed</p

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Bothrncontract and effective mortgage interest rates increased across the board. Thernaverage contract rate for 30-year fixed-rate mortgages (FRM) with conformingrnbalances of $417,500 or less increased to 3.73 percent with 0.43 point fromrn3.67 percent with 0.42 point.  This wasrnthe seventh week out of the past eight that this rate has risen.  </p

The raternfor jumbo 30-year FRM (balances above $417,500) rose 1 basis point to 3.96rnpercent while points declined from 0.39 to 0.38. </p

FHA-backed 30-year FRM had a contract rate of 3.53 percentrnwith 0.38 point compared to 3.48 percent with 0.33 point the previousrnweek.  </p

The 15-yearrnFRM rate rose to 3.0 percent from 2.95 percent. rnPoints decreased to 0.33 from 0.38. rn</p

Thernaverage contract interest rate for 5/1 adjustable rate mortgages (ARMs) jumpedrn12 basis points to 2.72 percent but points decreased to 0.30 from 0.33.  ARMs had a 4 percent share of mortgagernvolume, unchanged from the previous week. </p

MBA’s datarnis derived from a weekly survey it has conducted since 1990 among mortgagernbankers, commercial banks, and thrifts. rnInterest rate information is for loans with an 80 percent loan-to-valuernratio and points include the origination fee. rnBase period and value for all indexes is March 16, 1990=100.

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