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Except for FHA-backed mortgages interestrnrates inched down slightly.  The averagernrate for the FHA 30-year fixed rate mortgagern(FRM) rose 1 basis point to 4.13 percent. rnPoints decreased to 0.10 from 0.15.</p

The 30-year FRM with conforming loanrnbalances (417,000 or less) averaged 4.45 percent with 0.34 point compared torn4.47 percent with 0.25 points the week before.  This was the sole product for which the effectivernrate increased.</p

Jumbo 30-year FRM,rnloans with balances above $417,000, had an average contract rate of 4.40rnpercent, down from 4.42 percent.  Pointsrnincreased to 0.14 from 0.11.</p

The average contractrninterest rate for 15-year fixed-rate mortgagesrndecreased to 3.49 percent from 3.53 percent,rnwith points decreasing to 0.25 from 0.28</p

The average contractrninterest rate for 5/1 adjustable rate mortgages (ARMs) decreasedrnto 3.11 percent from 3.15 percent,rnwith points decreasing to 0.31 from 0.41 The adjustable-rate mortgage (ARM) sharernof mortgage applications increased marginally to 8 percent.</p

MBA’s WeeklyrnMortgage Applications Survey covers 75 percent of the U.S. retail residentialrnmortgage market and has been conducted since 1990.  Respondents include mortgage bankers,rncommercial banks, and thrifts.  The basernfor indexes is March 16, 1990=100 and mortgage rates are based on loans with anrn80 percent loan to value ratios.  Pointsrninclude the origination fee.

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