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The Refinance Index also increased 3 percent compared to the previousrnweek.  The share of all applications thatrnwere for refinancing increased from 55 percent the previous week to 56 percent,rnthe highest level since last March.  </p

Refinance Index vs 30 Yr Fixed</p

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Mortgage rates were decidedly mixed. rnThe average contract interest rate for 30-year fixed-rate mortgagesrn(FRM) with conforming balances of $417,000 or less eased down one basis pointrnto 4.28 percent with points also down one basis point to 0.25.  The effective interest rate was unchangedrnfrom the previous week.rn</p

The average contract rate for a jumbo 30-year FRM (balances higher thanrn$417,000) increased from 4.18 percent with 0.23 point to 4.22 percent with 0.28rnpoint.  The effective rate alsornincreased.</p

FHA-backed 30-year FRM had an average interest rate of 3.98 percent, downrnfrom 3.99 percent and the lowest rate since June 2013.  Points increased to 0.13 from 0.03 and therneffective rate rose. </p

The average rate for 15-year FRM was up 3 basis points to 3.47 percent.  Points increased to 0.34 from 0.30 and therneffective rate also increased. </p

The average contract interest rate for 5/1rnadjustable rate mortgages (ARMs) remainedrnunchanged at 3.10 percent,rnwith points increasing to 0.52 from 0.44.  The effective rate increased from thernprevious week.  The ARM share of activity rosernfractionally from 7.8 percent to 8 percent of total applications.</p

MBA’s survey hasrnbeen conducted since 1990 and covers over 75 percent of all U.S. retail residential mortgage applications.  Base period and value for all indexesrnis March 16, 1990=100.  Interest rates assume a mortgage with an 80rnpercent loan to value ratio and points include the origination fee.

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