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

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Refinance Index vs 30 Yr Fixed</p

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

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Thernaverage contract interest rate for a 30-year fixed-rate mortgage (FRM) with arnconforming balance of $417,500 or less increased for the ninth time in tenrnweeks.  The rate was 3.78 percent withrn0.40 point compared to 3.75 percent with 0.43 point and the effective raternincreased. This was the highest rate since August.</p

The contract interest rate for 30-year fixed-rate mortgagesrnwith jumbo loan balances (greater than $417,500) decreased to 3.94 percent withrn0.40 point from 3.98 percent with 0.36 point. The effective rate decreasedrnfrom the previous week.</p

FHA-backedrn30-year FRM had an average rate of 3.54 percent with 0.40 point, the highestrnrate since August, and the effective rate increased.  The rate the previous week was 3.53 percentrnwith 0.39 point.  </p

The raternfor 15-year FRM, 3.03 percent with 0.38 point was the highest since lastrnSeptember.  The rate the previous weekrnwas 3.01 percent with 0.28 point and the effective rate increased week-over-week.</p

Thernaverage contract interest rate for 5/1 adjustable rate mortgages (ARMs) remained unchanged at 2.66 percent, withrnpoints increasing to 0.32 from 0.31 and the effective rate increased.  The ARM share of activity increased to 4rnpercent of total applications.</p

Ratesrnquoted are for loans with 80 percent loan to value ratios.  Points include the origination fee. </p

MBA’s volume indices are derived from a weekly survey ofrnmortgage bankers, commercial banks and thrifts that it has conducted sincern1990.  Base period and value for allrnindexes is March 16, 1990=100.</p

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