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Thernaverage contract interest rate for 30 year fixed rate mortgages (FRM) withrnconforming balances of $417,000 or less was 4.31 percent, down 2 basis pointsrnfrom the previous week and the lowest level since June 2013.  Points decreased to 0.15 from 0.20 and therneffective rate was down. </p

The jumborn30-year FRM (balances over $417,000), decreased from 4.24 percent to 4.23rnpercent, also the lowest rate since June 2013. rnPoints jumped to 0.16 from 0.09 and the effective rate increased.</p

Thirty-yearrnFRM backed by FHA had a contract rate of 4.04 percent, again the lowest rate sincernlast June, with -0.45 point.  Thernprevious week the rate was 4.06 percent with -0.39 point.  The effective rate was also lower than in thernprior period. </p

The average contractrninterest rate for 15-yearrnfixed-rate mortgages decreased to 3.42rnpercent, the lowest level since Octoberrn2013, from 3.43 percent, with points decreasing to 0.06 from 0.15.rn The effectivernrate was also down from last week.</p

Adjustable-rate mortgagesrn(ARM) had an 8 percent share of total applications, unchanged from each of the previous threernweeks.  The contract interest rate forrn5/1 ARMS decreased to 3.13 percent from 3.14 percent and points fell to 0.19rnfrom 0.29. The effective rate decreased.</p

MBA’s weekly Mortgage Application Surveyrncovers over 75 percentrnof all U.S. retail residential mortgagernapplications, and has been conducted since 1990 among mortgage bankers,rncommercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100rnand interest rate information is based on loans with an 80 percent loan tornvalue ratio.  Points include thernorigination fee.

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