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

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Refinance Index vs 30 Yr Fixed</p

ChartManager.loadChart(‘refiappschart’, ‘RefiMtgAppChart’);

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Interest rates for longer term mortgages rose slightlyrnduring the week.  The average contractrnrate for 30-year fixed-rate mortgages (FRM) with conforming loan balances ofrn$417,500 or less increased to 3.76 percent with 0.46 point from 3.75 percentrnwith 0.51 point but the effective rate of the mortgages decreased from thernprevious week.</p

Jumbo 30-year FRM – loans with balances over $417,500 – hadrnan average rate increase from 4.01 percent with 0.32 point to 4.04 percent withrn0.35 point and the effective rate also increased. </p

FHA-backed 30-year FRM had an average rate of 3.54 percentrncompared to 3.52 percent the previous week with points decreasing to 0.49 fromrn0.55.  The effective rate also increased.</p

The rate for 15-yearrnFRM decreased to 3.08 from 3.09 percent and points were down to 0.41 fromrn0.49.  The effective rate was also down.  </p

The adjustable rate mortgage (ARM) share of applicationrnactivity decreased to 4.0 percent from the previous week when it had a 4.1rnpercent share.  The rate for 5/1 ARMsrndecreased to 2.72 percent from 2.73 percent with points decreasing to 0.40 fromrn0.41 and the effective rate decreased.</p

All rates quoted are for 80 percent loan-to-value ratiornloans and the points include an origination fee.</p

 ThernMarket Composite Index is based on the results of the MBA’s Weekly Mortgage Applicationrnsurvey which has been conducted since 1990. rnThe survey covers over 75 percent of all U.S. retail residentialrnmortgage applications with respondents representing mortgage bankers,rncommercial banks, and thrifts.  Basernperiod and value for all indexes is March 16, 1990=100.

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