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

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Refinance Index vs 30 Yr Fixed</p

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

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Mortgage interest rates were mixed.  The average contract interest rate andrneffective rate for 30-year fixed-rate mortgages with conforming loan balancesrnof $417,500 both increased.  The contractrnrate was 3.57 percent with 0.44 point compared to 3.56 percent with 0.39rnpoint.  Both rates also increased for thernjumbo version of the 30-year FRM (loans with balances of $417,500); therncontract rate increased to 3.81 percent with 0.42 point from 3.74 percent withrn0.40 point.</p

Rates for FHA-backedrn30-year FRM were unchanged at 3.34 percent although points increased from 0.71rnto 0.82 and the effective rate went up. </p

Therncontract rate for 15-year FRM set another new survey low, declining one basisrnpoint to 2.87 percent with points decreasing to 0.39 from 0.40.  This is the eighth consecutive week the 15rnyear has decreased. </p

Thernaverage contract interest rate for 5/1 ARMs decreased to 2.59 percent from 2.60rnpercent, with points decreasing to 0.35 from 0.36 matching thernlowest rate in the survey’s history.  Therneffective rate also decreased from the previous week. The adjustable-raternmortgage (ARM) share of activity remained constant at 4 percent of totalrnapplications and the HARP share of refinance applications increased to 22rnpercent from 18 percent the prior week.</p

Interestrnrates quoted are for mortgages with loan-to-value ratios of 80 percent andrnpoints include the application fee.</p

MBA’srnWeekly Survey covers over 75 percent of all U.S. retail residential mortgagernapplications, and has been conducted weekly since 1990.  Respondentsrninclude mortgage bankers, commercial banks and thrifts.  Base period andrnvalue for all indexes is March 16, 1990=100.

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