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Average interest rates increasedrnsubstantially during the week with contract interest rates for many productsrnhitting two-year highs.  Effective ratesrnincreased across the board.</p

The average rate for 30-year fixed-raternmortgages (FRM) with conforming loans balances of $417,000 or less increased torn4.80 percent with 0.41 point from 4.68 percent with 0.42 point.  This was the highest rate for the 30-yearrnsince April 2011.  The 30-year jumbo FRMrn(balances over $417,000) was 4.78 percent with 0.34 point compared to 4.74 withrn0.28 point the previous week.</p

Rates for 30-year FRM with an FHArnguarantee averaged 4.52 percent with 0.32 point, the highest rate since Julyrn2011.  The previous week the rate hadrnaveraged 4.40 percent with 0.21 point. </p

The rate for 15-year FRM jumped 13 basisrnpoints to 3.84 percent, the highest rate since April 2011.  Points increased from 0.32 to 0.35.</p

The most popular of the adjustable raternmortgages (ARMs), the 5-year hybrid loan, had an average contract rate of 3.50rnpercent, also the highest rate since April 2011, and an increase of 6 basisrnpoints from the previous week.  Pointsrnfell from 0.48 to 0.37.  The ARM share ofrnmortgage applications inched up to 7 percent.</p

Rates are quoted for loans with 80rnpercent loan-to-value ratios.  Pointsrninclude the origination fee.</p

MBA’s weekly survey, conducted sincern1990, covers 75 percent of all U.S. retail residential mortgagernapplications.  Respondents includernmortgage bankers, commercial banks, and thrifts.  Base period and value for all indexes isrnMarch 16, 1990=100.

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