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

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Refinance Index vs 30 Yr Fixed</p

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Contract interest rates were unchangedrnor declined slightly during the week. rnThe average contract rate for 30-year fixed-rate mortgages (FRM) withrnconforming balances of $417,500 or less decreased 1 basis point to 3.53 percentrnwith points unchanged at 0.40.  Rates forrnthe jumbo version of the 30-year FRM also declined by 1 basis point to 3.75rnpercent while points decreased from 0.40 to 0.31.  The effective rate of both the conforming andrnjumbo loans decreased from the previous week.   The contract rate for 15-year FRM wasrnunchanged at 2.89 percent with points increasing to 0.35 from 0.25 and therneffective rate rose correspondingly.  </p

Thirty-year FRM backed by FHA carried anrnaverage contract interest rate unchanged from the previous week at 3.36rnpercent.  Points increased to 0.65 fromrn0.63 and the effective rate increased. rnThe government share of purchase applications decreased to 33 percent,rnthe lowest share since early 2009.</p

The rate for 5/1 adjustable raternmortgages (ARM) decreased to 2.60 percent from 2.62 percent with pointsrnremaining at 0.37 and the effective rate decreased.  ARMs once again accounted for 4 percent ofrnmortgage applications.</p

Interest rate statistics are based onrnmortgages with loan-to-value ratios of 80 percent and points include thernorigination fee.</p

MBA’s survey, which has been conductedrnweekly since 1990, covers over 75 percent of U.S. retail residential mortgagernapplications.  Respondents includernmortgage bankers, commercial banks, and thrifts.  Base value and period for all indices isrnMarch 16, 1990=100.

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