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

</p

Both the contract interest rate and the effective rate decreased duringrnthe week for all mortgage products tracked by the MBS survey.  The most significant change in rates was forrnthe hybrid 5/1 adjusted rate mortgage (ARM) which declined from 3.31 percent torn3.20 percent while points fell to 0.37 from 0.51.  ARMs had a 7.8 percent market share duringrnthe week compared to 7.6 percent the week before.rn</p

The average contract rate for 30-year fixed rate mortgages (FRM) withrnconforming balances of $417,000 decreased from 4.33 percent with 0.31 point to 4.30rnpercent with 0.19 point.  The jumbornversion of the 30-year FRM, loans with a balance over $417,000, had a rate forrnthe week that averaged 4.21 percent with 0.29 point.  The previous week the contract rate had beenrn4.28 percent with 0.15 point.</p

FHA-backed 30-year FRM had an average rate of 4.00 percent compared torn4.07 percent the previous week.  Pointsrnincreased to 0.15 from 0.04.</p

The average rate for 15-year FRM decreased 7 basis points to 3.48rnpercent.  Points increased to 0.32 fromrn0.25.</p

Respondents to the MBA weekly survey which has been conducted since 1990rninclude mortgage bankers, commercial banks, and thrifts.  Interest rates are based on mortgages with anrn80 percent loan to value ratio and points include the origination fee.  Base period and value for the application volumernindexes is March 16, 1990=100.</p

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.