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All productsrncovered by MBA’s Weekly Mortgage Applications Survey had lower contractrninterest rates and effective rates than the previous week and rates for mostrnproducts were at their lowest levels in a year or more.</p

The average contract interest rate for 30-yearrnfixed-rate mortgages (FRM) with conforming loan balances ($417,000 or less) decreased to 4.26 percent from 4.31 percent, with points decreasing to 0.13rnfrom 0.15.  The contract rate forrnjumbo 30-year FRM with balances in excess of $417000 decreased to 4.22 percentrnwith 0.11 point from 4.23 percent with 0.16 point. </p

The average contractrninterest rate for 30-yearrnfixed-rate mortgages backedrnby the FHA fell 5 basis points to 3.99 percent and points decreased to -0.46 from -0.45.  </p

Fifteen-year FRMrnhad an average rate of 3.39 percent compared to 3.42 percent the previousrnweek.  Points increased to 0.07 fromrn0.06. </p

The average contractrninterest rate for 5/1 adjustable rate mortgages (ARMs) decreasedrnto 3.11 percent from 3.13 percent,rnwith points decreasing to 0.05 from 0.19.  ARMs had an 8 percent share of mortgagernapplications, unchanged since the week ended May 2. </p

MBA’s survey coversrnover 75 percentrnof all U.S. retail residential mortgagernapplications, and has been conducted since 1990.rnRespondents include mortgagernbankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.  Interest rate information is for loans withrnan 80 percent loan-to-value ratio and points include the origination fee.

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