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Both contract and effective interest rates decreased for all mortgage productsrnduring the week.  The average contractrnrate for conventional (loan balances under $417,000) 30-year fixed-raternmortgages (FRM) was 4.50 percent with 0.26 point.  The previous week the rate was 4.52 percentrnwith 0.29 point.  </p

 The average rate for the jumbo version of the 30-year FRM (balances inrnexcess of $417,000) was 4.39 percent, a decrease of 2 basis points from thernweek before.  Points were down 1 basis point torn0.19.</p

FHA backedrn30-year FRM had an average rate of 4.13 percent with 0.18 point.  This was a decrease from the prior level ofrn4.18 percent with 0.21 points.</p

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.52 percent from 3.53 percent. rnPoints decreased to 0.25 from 0.28.  </p

Adjustable raternmortgages (ARMs) had an 8 percent share of mortgage applications which has beenrnessentially unchanged for the last eight weeks. rnThe average contractrninterest rate for 5/1 ARMs decreased to 3.09 percent from 3.18 percent, with points increasing to 0.38 from 0.36.  </p

MBA’srnsurvey covers over 75 percentrnof all U.S. retail residential mortgagernapplications, and has been conducted since 1990.rnRespondents include mortgage bankers,rncommercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100rnand interest rates are based on loans with an 80 percent loan-to-valuernratio.  Points include the originationrnfee.

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