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Refinancing applications represented 61rnpercent of applications during the week, up from 57 percent the previousrnweek.  The Home Affordable RefinancernProgram (HARP) had a 40 percent share of mortgage applications, up from 38rnpercent and the highest share the program has enjoyed since MBA began trackingrnit early last year.</p

Refinance Index vs 30 Yr Fixed</p

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Data from MBA’s Weekly Mortgage ApplicationrnSurvey indicated that mortgage rates, both contract and effective, fellrnslightly during the week for loans with an 80 percent loan-to-value ratio.  </p

The average contract interest rate forrnthe 30-year fixed-rate mortgage (FRM) with a conforming balance of $417,000 orrnless decreased from 4.80 with 0.46 point to 4.75 percent with 0.39 point.  Points included the origination fee. </p

The rate for a jumbo 30-year FRM withrnbalances over $417,000 eased down 1 basis point to 4.83 percent.  Points decreased from 0.41 to 0.33.</p

Thirty-year FRM backed by the FHA had anrnaverage contract rate of 4.50 percent with 0.41 point.  The previous week the rate had been 4.56rnpercent with 0.28 point.</p

The average rate for a 15-year FRM wasrn3.81 percent with 0.34 point compared to a rate of 3.83 percent with 0.42rnpercent during the week ended September 6.</p

The share of applications for adjustablernrate mortgages (ARM) inched up slightly to 7 percent.  The contract rate for the hybrid 5/1 ARMrndecreased 5 basis points to 3.54 percent with points remaining unchanged atrn0.43 point.</p

MBA’s survey covers of 75 percent of allrnU.S. retail residential mortgage applications and collects data from mortgagernbankers, commercial banks, and thrifts. rnThe base period and value for all indexes is March 16, 1990=100.

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