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Refinance Index vs 30 Yr Fixed</p

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MBArnreleased mortgage interest rates for the last week of the two week periodrn(December 28) and they were mixed.  Thernaverage contract interest rate for 30-year fixed-rate mortgages (FRM) withrnconforming loan balances of $417,500 or less increased one basis point to 3.52rnpercent with points moving to 0.48 from 0.45. rnThe effective rate increased from the previous week.  The jumbo version of the 30-year FRMrn(balances over $417,500) had an average contract rate of 3.75 percent with 0.30rnpoint compared to 3.77 percent with 0.32 point and the effective rate decreasedrnfrom the previous week.rn</p

Thirty-yearrnFRM backed by the FHA had an average contract rate of 3.34 percent, down fromrn3.35 percent while points increased from 0.58 to 0.61.  The effective rate increased from thernprevious week.</p

For the week ended December 28 the average contractrninterest rate for 15-year fixed-rate mortgages increased to 2.86 percent fromrn2.84 percent, with points increasing to 0.27 from 0.21 and the effective rate increased.  The 5/1 adjustable rate mortgage (ARM) had arncontract rate of 2.65 percent with 0.42 point compared to 2.66 percent withrn0.33 point and the effective rate also increased.</p

MBA’s survey covers over 75 percent of all U.S. retailrnresidential mortgage applications, and has been conducted weekly sincern1990.  Respondents include mortgage bankers, commercial banks andrnthrifts.  Rates quoted are for loans with a loan to value ratio of 80rnpercent and points include the applications fee.  Base period and value for all indexes isrnMarch 16, 1990=100.</p

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