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Bothrnthe contract interest rate and the effective rate for 30-year fixed-raternmortgages (FRM) with conforming balances of $417,000 or less rose during thernweek to an average of 4.32 percent from 4.28 percent.  Points increased to 0.16 from 0.14. </p

Thernjumbo version of the 30-year FRM (loan balances in excess of $417,000)rndeclined to 4.24 percent with 0.16 point from 4.26 percent with 0.06rnpoint.  The effective rate increased fromrnthe prior week. </p

Thirty-yearrnFRM backed by the FHA saw an average rate increase of 3 basis points to 4.02rnpercent.  Points increased to -0.03 fromrn-0.33 and the effective rate was higher than a week earlier. </p

Thern15-year FRM was the only product where the interest rate eased.  It had an average contract rate of 3.40 percent with 0.22 point, down from 3.42 percentrnwith 0.16 point.  The effective rate wasrnunchanged. </p

Adjustablernrate mortgages (ARMs) again had an 8 percent share of all applications.  The average contract interest rate for 5/1 ARMsrnincreased to 3.24 percent from 3.21 percent, with points decreasing to 0.31 fromrn0.33. The effective rate increased from the prior period.</p

MBA’srndata is gathered through its Weekly Mortgage Applications Survey which has beenrnconducted since 1990.  The survey coversrnover 75 percent of all retail mortgage applications in the country.  Survey respondents include mortgage bankers, commercialrnbanks and thrift.  Interest rates arernquoted for loans with an 80 percent loan-to-value ratio and points include thernorigination fee.  Volume indices have arnbase period and value of March 16, 1990=100.

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