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

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Contract interest rates for allrnproducts drifted down slightly; most moved only two or three basis points.  Effective rates were lower across the board.rn</p

The average contract rate forrn30-year fixed-rate mortgages (FRM) with conforming loan balances of $417,000 orrnless were unchanged at 4.35 percent with 0.22 point.  The jumbo version of the 30-year FRM declinedrnto 4.24 percent with 0.19 point from 4.26 percent with 0.35 point. </p

Thirty-year FRM backed by the FHArnhad a contract rate that averaged 4.04 percent, down from 4.06 percent thernprevious week.  Points increased to 0.03rnfrom 0.02.</p

The average rate for a 15-year FRMrnwas 3.48 percent with 0.30 point during the week ended August 8.  The previous week the rate averaged 3.51rnpercent with 0.28 point.</p

The share of applications thatrnwere intended for adjustable rate mortgages (ARM) increased slightly but stayedrnin the 8 percent range where it has hovered since near the beginning of thernyear.  The average contract rate for thernmost popular ARM, the 5/1 hybrid, decreased to 3.24 percent from 3.32 percentrnwith points increasing to 0.45 from 0.35. rn</p

MBA derives its data from a WeeklyrnMortgage Applications Survey which it has conducted since 1990.  The survey covers over 75 percent of all U.S.rnretail residential mortgage applications and respondents include mortgagernbankers, commercial banks and thrifts. rnBase period and value for all indexes is March 16, 1990=100.  Interest rate quotes are based on loans withrna loan-to-value ratio of 80 percent and points include the origination fee.  </p

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