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

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Both contract and effective ratesrndecreased during the week to levels last seen before the New Year.  Thirty-year fixed rate mortgages (FRM) withrnconforming balances of $417,000 or less had an average contract rate of 4.57rnpercent with 0.36 point compared to 4.66 percent with 0.33 point the previousrnweek.</p

The jumbo 30-year FRM (balances inrnexcess of $417,000) also had a contract rate of 4.57 percent, down from 4.58rnpercent.  Points decreased from 0.24 torn0.18.  Both the conforming and the jumborn30-year mortgages last saw rates at this level in November.</p

FHA-backed 30-year FRM had a contract rate of 4.24rnpercent, also the lowest rate since November, compared to 4.29 percent thernprevious week.  Points increased fromrn0.17 to 0.23. </p

Fifteen-year FRM had an average rate of 3.68rnpercent, down 4 basis points from the previous week and the lowest rate sincernDecember.  Points decreased from 0.37 torn0.29.</p

Seven percent of applications during the week werernfor adjustable rate mortgages (ARM), slightly lower than the week before.  The average contract rate for the 5/1 ARMrndecreased to 3.23 percent with 0.37 point from 3.28 percent with 0.47rnpoint.  The new rate was the lowest sornfar in 2013.   <br /<br /MBA's survey covers over 75 percent ofrnall U.S. retail residential mortgage applications, and includes information fromrnmortgage bankers, commercial banks and thrifts. It has been conductedrnsince 1990 and the base period and value for all indexes is March 16, 1990=100.  Interest rates are quoted for loans with anrn80 percent loan-to-value ratio and points include the origination fee.

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