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Both contract interest rates andrneffective interest rates rose during the week. rnThe average contract rate for 30-year fixed-rate mortgages (FRM) with conformingrnloan balances of $417,000 or less increasedrnto 4.49 percent from 4.47 percent,rnwith points increasing to 0.50 from 0.32.  Therncontract rate for the jumbo version of the 30-year FRM (balances in excess ofrn$418000) was lower than the conforming rate, averaging 4.41 percent with 0.34rnpoint compared to 4.39 percent with 0.18 point the previous week. </p

Thirty-year FRMrnbacked by the FHA had an average rate of 4.30 percent, up 6 basis points fromrnthe previous week.  Points increased torn0.41 from 0.06. </p

The rate forrn15-year FRM rose one basis point to 3.55 percent.  Points increased to 0.33 from 0.24.</p

The market sharernof adjustable rate mortgages (ARMs) rose to 9 percent during the week afterrnremaining at the 8 percent level since the last week in January. The average contract interest rate for 5/1 ARMs increasedrnto 3.16 percent fromrn3.15 percent, with points decreasing to 0.36 from 0.41. </p

MBA’s survey covers over 75 percent of all U.S. retail residential mortgage applicationsrnand has been conducted since 1990. Respondents include mortgage bankers, commercial banks and thrifts.rnBase period and value for all indexes is March 16, 1990=100rnand interest rate information is based on loans with an 80 percentrnloan-to-value ratio.  Points include thernorigination fee.

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