Thernfour-week moving averages rose for both the Market Index and the RefinancernIndex.  The two seasonally adjustedrnmeasures rose 2.5 percent and 4.2 percent respectively while the Purchase Indexrndecreased 2.8 percent.  </p

Thernrefinancing share of mortgage volume slipped from the record high 79.8 percentrnof all applications established last week to 77.8 percent in the currentrnweek.  Adjustable rate mortgage activityrnincreased to 7.1 percent from 6.2 percent.</p

Thernaverage contract interest rate for 30-year fixed-rate mortgages (FRM) droppedrnto 4.32 percent from 4.39 percent while points including the origination feernincreased from 0.88 to 1.30.  The averagernrate for a 15-year FRM was down 7 basis points to 3.49 percent with pointsrnunchanged at 1.0.  The effective rate forrnthe 30-year FRM increased week-over-week while it decreased for thern15-year.  All quotes are for 80 percentrnloan-to-value ratio loans.</p

“Accountingrnfor the increase in average points paid, effective mortgage rates were littlernchanged last week.  Refinance application volume declined for a secondrnweek from recent highs, despite rates staying near a 10-month low, whilernpurchase volume remained near 15-year lows,” said Mike Fratantoni, MBA’srnVice President of Research and Economics.</p

The MBA surveyrncovers over 50 percent of all U.S. retail residential mortgage applications,rnand has been conducted weekly since 1990. rnBase period and value for all indexes is March 16, 1990=100.</p

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