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

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Refinance Index vs 30 Yr Fixed</p

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

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Mortgage rates increased across thernboard with both contract and effective rates higher than the previousrnweek.  The contract rate for 30-yearrnfixed-rate mortgages (FRM) with conforming balances ($417,500 or more) increasedrnfor the third straight week to 3.63 percent with 0.45 point.  The rate the previous week was 3.57 percentrnwith 0.44 point.</p

The contract rate for 30-year FRM withrnjumbo balances (over $417,500) rose to 3.85 percent from 3.81 percent withrnpoints unchanged at 0.42.  FHA-backedrn30-year FRM increased to 3.41 percent with 0.51 point from 3.34 percent withrn0.82 point.  The rate for 15-year FRM jumpedrn9 basis points to 2.96 percent with points decreasing to 0.36 from 0.39.</p

Adjustable rate mortgages (ARMs)rnaccounted for 4 percent of applications, a slight increase from the previousrnweek.  The average rate for 5/1 ARMSrnincreased to 2.72 percent with 0.33 point from 2.59 percent with 0.35 point.</p

All interest rates quoted are for loansrnwith 80 percent loan-to-value ratios and points include the application fee.</p

MBA’s Weekly Mortgage Application Surveyrnfrom which the volume indices are derived has been conducted since 1990 and coversrnover 75 percent of all U.S. retail residential mortgage applications.  Respondents include mortgage bankers,rncommercial banks and thrifts.  Basernperiod and value for the indices is March 16, 1990=100.

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