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Refinance Index vs 30 Yr Fixed</p

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MBA said contract interest rates for every loan typernit tracks rose during the week and the effective rate rose for most.  The contract rate for conforming 30-yearrnfixed-rate mortgages (FRM) (balances of $417,500 or less) increased for thernfirst time in eight weeks to an average of 3.67 percent with 0.41 point.  The previous week the average was 3.59rnpercent with 0.33 point.   </p

The rate for jumbo 30-year FRM increased to 3.87rnpercent from 3.79 percent and points increased from 0.20 to 0.25.  Jumbo loans have balances exceeding $417,500.  The average rate for 15-year FRM increasedrnfrom 2.81 percent with 0.29 point to 2.88 percent with 0.31 point.</p

Thirty-year FRM backed by FHA had a rate thatrnincreased by 8 basis points to 3.43 percent while points decreased to 0.16 fromrn0.57.  This was the sole product forrnwhich the effective rate decreased.</p

Applications for adjustable rate mortgages (ARMs) remainedrnat a 4 percent share of all activity during the week.  The average rate for the 5/1 ARM increased twornbasis points to 2.55 percent and points increased from 0.15 to 0.23.  </p

MBA’s survey has been conducted since 1990 andrncovers over 75 percent of all U.S. retail residential mortgagernapplications.  Base period and value forrnall indices is March 16, 1990+100.  Ratesrnquoted are for loans with an 80 percent loan-to-value ratio and points includernthe origination fee.

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