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Interest rates were mixed during the week. The average contract rate forrn30-year fixed rate mortgages (FRM) with conforming loan balances of $417,000 orrnless was one basis point higher than during the previous week at 4.33rnpercent.  Points increased to 0.20 fromrn0.16 and the effective rate increased.</p

The contract rate for a jumbo 30-year FRM with principal balances inrnexcess of $417,500 went down one basis point, from 4.24 percent to 4.23rnpercent.  Points increased from 0.16 torn0.26 and the effective interest rate was up.   </p

Thirty-year FRM backed by FHA had an average interest rate of 4.04rnpercent with 0.02 point compared to 4.02 percent with -0.03 point the previousrnweek.  The effective rate increased. </p

The average contract interest rate for 15-year FRM increased to 3.41 percent from 3.40 percent,rnwith points increasing to 0.23 from 0.22. The effective rate increased from last week.</p

Adjustable raternmortgages (ARMs) held steady at an 8 percent market share. The average contractrninterest rate for 5/1 ARMs decreased to 3.17 percentrnfrom 3.24 percent, with points increasing to 0.34 from 0.31rnand the effective rate decreased.</p

MBA’s data isrnderived from its Weekly Mortgage Applications Survey which it has conductedrnsince 1990.  The survey coversrnover 75 percentrnof all U.S. retail residential mortgagernapplications, and respondents include mortgagernbankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100rnand interest rate information assumes loans with an 80 percent loan to valuernratio.  Points include the originationrnfee.

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