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

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Contract interest rates fell during the week forrnall mortgage products tracked by the MBA and the effective rates alsorndecreased.  Quotes are for mortgages withrnan 80 percent loan to value ratio and points include the origination fee.  </p

The averagerncontract interest rate for 30-year fixed-rate mortgages (FRM) with conformingrnloan balances ($417,000 or less) decreased to 4.39 percent, the lowest raternsince June 2013, from 4.46 percent, with points increasing to 0.41 from 0.31.  The average rate for the jumbo 30-year FRM (balancesrngreater than $417,000) decreased to 4.43 percent, the lowest rate since Junern2013, from 4.51 percent, with points increasing to 0.26 from 0.15</p

The average contract interest rate for 30-yearrnfixed-rate mortgages backed by the FHA decreased to 4.15 from 4.16rnpercent.  Points dropped from 0.44 torn0.27 point. </p

Fifteen-year FRM had an average rate of 3.51rnpercent, also the lowest rate since June, compared to 3.53 percent the previousrnweek.  Points decreased to 0.30 from 0.31</p

The market share of adjustable rate mortgagesrn(ARMs) increased from 6 to 7 percent of total applications.  The average contract interest rate for 5/1rnARMs was unchanged at 3.25 percent, with points decreasing to 0.26 from 0.32</p

MBA’s datarnis compiled through a Weekly Mortgage Applications Survey that 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.

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