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Refinance Index vs 30 Yr Fixed</p

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The average contract interest rate forrn30-year fixed-rate mortgages (FRM) with conventional loan balances of $417,000rnor less increased to 4.51 percent with 0.38 point from 4.48 percent with 0.31rnpoint.  The average rate for 30-year FRMrnwith jumbo balances above the conforming limit increased one basis point torn4.49 percent and points increased from 0.15 to 0.24.  The effective rate for these and all fixedrnrate products increased during the week. rn</p

FHA-backed 30-year FRM had an averagerncontract rate of 4.17 percent compared to 4.16 percent the previous week.  Points increased from 0.24 point to 0.36.</p

The average contract interest rate for 15-yearrnfixed-rate mortgages increased to 3.56 percent from 3.52 percent.  Points increased to 0.32 from 0.31</p

Adjustablernrate mortgages (ARMS) maintained an 8 percent share of applications during thernweek.  The average contract interest raternfor 5/1 ARMs decreased to 3.09 percent from 3.18 percent, with pointsrndecreasing to 0.28 from 0.37.  Therneffective rate decreased from the previous week.   </p

MBA’s weeklyrnMortgage Applications Survey has been conducted since 1990 and covers over 75rnpercent of all U.S. retail residential mortgage applications.  Respondents include mortgage bankers,rncommercial banks and thrifts.  Base period and value for all indexes isrnMarch 16, 1990=100.  Interest rate quotesrnare for loans with an 80 percent loan-to-value ratio and points include thernorigination fee.

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