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

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The RefinancernIndex was up 10 percent from the holiday week but was 3 percent lower than twornweeks earlier.  Refinancing had a marketrnshare of 57.7 percent compared to 58 percent the previous week, the lowestrnsince last September.</p

Refinance Index vs 30 Yr Fixed</p

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Both averagerncontract and effective rates decreased last week for all mortgage products.  The average contract interest rate for arn30-year fixed-rate mortgage (FRM) with a conforming loan balance of $417,000 orrnless decreased to 4.47 percent with 0.28 point. rnThe previous week the rate was 4.53 percent with 0.31 point. </p

Jumbo 30-year FRMrn(loan balances in excess of $417,000) had an average rate of 4.37 percent, 10rnbasis points below the average rate the previous week.  Points increased to 0.20 from 0.13.</p

Thirty-year FRMrncarrying FHA guarantees had an average rate of 4.13 percent with 0.13rnpoint.  The previous week the average raternwas 4.17 percent with 0.20 point.</p

The rate forrn15-year FRM was 3.52 percent, down 4 basis points from the previous week.  Points decreased to 0.18 from 0.28.</p

Adjustable raternmortgages (ARM) held at an 8 percent share of mortgage applications for thernfifth straight week.  The contract raternfor the most widely offered ARM, the 5/1 hybrid, was 3.09 percent with 0.38rnpoint.  The rate the previous week wasrn3.17 percent with 0.31 point.</p

MBA’s WeeklyrnMortgage Application Survey has been conducted since 1990.  It surveys mortgage bankers, commercialrnbanks, and thrifts and covers over 75 percent of U.S. retail residential mortgagernapplications.  Base period and value forrnall indexes is March 16, 1990.  Interestrnrates are quoted for 80 percent loan-to-value ratio loans and points includernthe origination fee.

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