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

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Bothrncontract and effective rates decreased during the week. The averagerncontract rate for a 30-year fixed-rate mortgage (FRM) with arnconforming balance of $417,500 or less decreased from 4.61 percentrnwith 0.42 point to 4.56 percent with 0.39 point while the jumbornversion (balances over $417,00) averaged 4.57 percent with 0.25 pointrncompared to 4.64 percent with 0.34 point the previous week.</p

FHA-backedrn30-year FRM had an average rate of 4.25 percent, down from 4.33rnpercent and points increased from 0.26 to 0.30. Interest rates forrn15-year FRM averaged 3.60 percent with 0.35 point, down from 3.66rnpercent with 0.43 point. </p

Applicationsrnfor adjustable-rate mortgages (ARM) picked up slightly during thernweek and represented 6 percent of the total. The average contractrninterest rate for 5/1 ARMs decreased to 3.36 percent from 3.39rnpercent,with points unchanged at 0.37. </p

Interestrnrates are quoted for loans with an 80 percent loan-to-value ratio. Points include the origination fee.</p

MBA’srnWeekly Mortgage Application Survey covers over 75 percent of all U.S.rnretail residential mortgage applications, and has been conductedrnsince 1990. Survey respondents include mortgage bankers, commercialrnbanks and thrifts. Base period and value for all indexes is March 16,rn1990=100. </p

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