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

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Refinance Index vs 30 Yr Fixed</p

ChartManager.loadChart(‘refiappschart’, ‘RefiMtgAppChart’);

</p

All mortgage rates tracked by the MBA’s weekly survey set new benchmark lows duringrnthe week and the effective rates for each also declined.  The average contract rate for 30-year fixedrnrate mortgages (FRMs) with conforming loan balances under $417,500 decreased torn3.79 percent from 3.86 percent with points decreasing to 0.35 from 0.41.  The jumbo equivalent (balances over $417,500)rndecreased to 4.05 percent with 0.34 point from 4.08 percent with 0.38 point. </p

The average raternfor FHA-backed 30-year FRM decreased to 3.63 percent from 3.69 percent thernprevious week with points dropping to 0.36 from 0.50. </p

The raternfor 15-year FRM fell 5 basis points to 3.15 percent and there was a 4 basisrnpoint reduction in average points to 0.43 point. </p

The average contract interest rate for 5/1 adjustable raternmortgages (ARMs), at 2.76 percent with 0.45 point during the week ended June 29,rnended the most recent week at 2.71 percent with 0.36 point.  The ARM share ofrnapplication activity remained around 4 percent of total applications.</p

MBA datarnis collected for loans with an 80 percent loan-to-value ratio.  Points include the applications fee.</p

The average size ofrnall loans for home purchase in the US was $240,897 in June, down from $243,733rnin May 2012. The average refinance loan was for $218,619, down from $226,576 inrnMay.  The largest purchase loans were made in the Pacific region at $rn361,788 as were the largest refinance loans at $ 310,977. </p

MBA’s WeeklyrnApplication Survey covers over 75 percent of all U.S. retail residentialrnmortgage applications, and has been conducted weekly since 1990. rnRespondents include mortgage bankers, commercial banks and thrifts.  Basernperiod and value for all indexes is March 16, 1990=100.

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