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

</p

Refinance Index vs 30 Yr Fixed</p

ChartManager.loadChart(‘refiappschart’, ‘RefiMtgAppChart’);

</p

Mortgage rates were mixed.  The average contract rate for a conforming (balance under $417,500) 30-year fixed-rate mortgage (FRM) increased to 4.05 percent with 0.44 point from 4.04 percent with 0.40 point and the rate for jumbo mortgages (balances over $417,500) increased to 4.32 percent from 4.27 percent with points decreasing to 0.38 from 0.44.  Effective rates increased for both types of loans.</p

Rates for FHA-backed 30-year FRM decreased to 3.80 percent with 0.50 point from 3.81 percent with 0.52 point and 15-year FRM were down to 3.31 percent from 3.32 percent with points unchanged at 0.41 percent.  The effective rates were both down and the contract rates for each were the lowest in the history of the survey.   </p

The average contract interest rate for 5/1 adjustable rate mortgages (ARMs) increased to 2.87 percent from 2.81 percent, with points decreasing to 0.35 from 0.37.  The effective rate increased from last week. </p

Rates are quoted for loans with loan-to-value rations of 80 percent and points include the application fee.</p

During the month of March, the investor share of applications for home purchase was at 5.7 percent, a slight decrease from 6.1 percent in February.  This change was led by a decline in the West South Central region.  In addition, the share of purchase mortgages for second homes remained constant at 5.8 percent.</p

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990.  Respondents include mortgage bankers, commercial banks and thrifts.  Base period and value for all indexes is March 16, 1990=100.

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