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Applications for refinancing were up byrn9.0 percent and constituted a 67 percent share of all applications.  This was the highest market share captured byrnrefinancing since June and was 2 percentage points higher than the previousrnweek.</p

Refinance Index vs 30 Yr Fixed</p

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Average mortgage interest rates, bothrncontract and effective, fell during the week for typical 80 percentrnloan-to-value ratio loans.  Contractrnrates for all products tracked in MBA’s Weekly Mortgage Applications Surveyrnwere at their lowest levels since June.</p

The average contract rate for 30-yearrnfixed mortgages (FRM) with conforming loan balances of $417,000 or lessrnwas 4.33 percent compared with 4.39 percent the previous week.  Points, which include the origination fee,rndecreased from 0.41 to 0.26. </p

Jumbo 30-year FRM (loan balances inrnexcess of $417,000) had an average contract rate of 4.36 percent, down fromrn4.43 percent.  Points increased from 0.26rnto 0.27.</p

The average rate for an FHA backedrn30-year FRM was 4.06 percent with 0.17 point. rnThe previous week the rate was 4.15 percent with 0.27 point.</p

Fifteen-year FRM had an average contractrnrate of 3.42 percent, 9 basis points below the average rate a weekrnearlier.  Points were unchanged at 0.30.</p

Adjustable rate mortgages (ARM) garneredrna 7 percent share of applications, a slight decrease from the previous week.  The average rate for a 5/1 ARM was 3.17rnpercent with 0.38 point compared to 3.25 percent with 0.26 point.</p

MBA’s weekly survey which has been conducted sincern1990 covers over 75 percent of all U.S. retail residential mortgagernapplications.  Respondents includernmortgage bankers, commercial banks and thrifts.  Base period and value forrnall indexes is March 16, 1990=100.

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