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Interestrnrates started the new year on the downslope with both contract and effective ratesrndecreasing.  The average contractrninterest rate for 30-year fixed-rate mortgages (FRM) with conforming balancesrnof $417,000 or less decreased to 4.66 percent with 0.33 point from 4.72 percentrnwith 0.28 point.  The jumbo version ofrnthe 30-year FRM (loan balances above $417,000) had an average rate of 4.58rnpercent with 0.24 point compared to 4.66 percent with 0.12 point the previousrnweek.</p

Therncontract rate for 30-year FRM backed by the FHA decreased to 4.29 percent fromrn4.36 percent, with points increasing to 0.17 from 0.15.</p

Thernaverage contract interest rate for 15-year fixed-rate mortgages fell 5 basisrnpoints to 3.72 percent.  Points increasedrnto 0.37 from 0.34.</p

Thernvolume of adjustable rate mortgages (ARMs) remained at an 8 percent sharernduring the week.  The average rate forrnthe 5/1 ARMs decreased to 3.28 percent from 3.33 percent, with pointsrnincreasing to 0.47 from 0.44.</p

MBA’srnWeekly Mortgage Application Survey covers overrn75 percent of all U.S. retail residential mortgage applications, and has been conductedrnsince 1990.  Respondents include mortgage bankers, commercial banks andrnthrifts. Interest rates are reported for loans with an 80 percent loan-torn-value ratio and points include the origination fee.  Base period and value for all indexes is Marchrn16, 1990=100.</p

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