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

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Refinance Index vs 30 Yr Fixed</p

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

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Every mortgage rate fell to a new historic low during the week and all effective rates decreased as well.  The contract interest rate for a 30-year fixed-rate mortgage (FRM) with a conforming balance of less than $417,500 averaged 4.04 percent with 0.40 points, down from an average of 45.05 percent with 0.45 percent a week earlier.  Mortgages with jumbo balances (greater than $417,500) fell to 4.27 percent with 0.44 point from 4.36 percent with 0.36 point.</p

 FHA-backed 30-year FRM had an average rate of 3.81 percent, down from 3.83 percent with points decreasing to 0.52 from 0.61 and the average rate for a 15-year FRM decreased one basis point to 3.32 percent with points unchanged at 0.41.</p

 Hybrid 5/1 adjustable rate mortgages (ARMs) decreased from 2.83 percent with 0.35 point to 2.81 percent with 0.37 point.  Applications for ARMs increased to 5.6 percent of all applications from 5.3 percent the previous week.</p

All interest rates are for 80 percent loan-to-value loans and points include the origination fee. </p

MBA data for the month of March show that 58.8 percent of applications for refinancing were for 30-year FRM and 23.1 percent were for 15-year FRM.  Applications for “other” fixed-rate mortgages with amortization schedules other than 15 or 30 year terms accounted for 12.8 percent of applications and ARMs for 5.2 percent. </p

MBA’s survey covers over 75 percent of 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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