ChartManager.loadChart(‘purchaseappschart’, ‘PurchaseMtgAppChart’);

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All contract interest rates and most effective rates increased comparedrnto the previous week.  The averagerncontract rate for a 30-year fixed rate mortgage (FRM) with a conforming loanrnbalance of $417,000 or less rose from 4.33 percent with 0.24 point to 4.35rnpercent with 0.22 point.  The contractrnrate for jumbo FRM (loan balances above $417,000) increased 4 basis points torn4.26 percent while points increased to 0.35 from 0.23.rn</p

Mortgages backed by the FHA had an average contract rate of 4.06 percent,rnup 3 basis points from the week before. rnPoints increased to 0.02 from 0.00. rn</p

Fifteen-year FRM saw an average rate increase of four basis points torn3.51 percent.  Points increased to 0.28rnfrom 0.25.</p

Adjustable rate mortgages (ARMs) maintained an 8 percent share of mortgagernapplications.  The average rate for thern5/1 ARM increased to 3.31 percent with 0.35 point from 3.31 percent with 0.40rnpoint.  This was the sole product forrnwhich the effective rate decreased.rn</p

MBA compiles its indexes from a Weekly Mortgage Applications Survey.  The survey, conducted since 1990, covers overrn75 percent of all U.S. retail residential applications.  Respondents include mortgage bankers,rncommercial banks, and thrifts.  Basernperiod and value for all indexes is March 16, 1990=100 and interest rate quotesrnassume a loan with an 80 percent loan to value ratio.  Points include the origination fee.

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