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Thernaverage contract interest rate for 30-year fixed-rate mortgages (FRM)rnwith conforming loan balances ($417,500 or less) increased to 4.61rnpercent from 4.58 percent,with points increasing to 0.42 from 0.38. The effective rate increased from the prior week. </p

Contractrnrates for 30-year FRM with jumbo loan balances (greater thanrn$417,500) averaged 4.64 percent, unchanged from the previous week;rnpoints decreased to 0.34 from 0.39 and the effective rate was down. </p

FHA-backedrn30-year FRM rates increased to 4.33 percent with 0.26 point from 4.30rnpercent with 0.31 point. The effective rate increased. </p

Thernaverage contract interest rate for 15-year fixed-rate mortgagesrndecreased to 3.66 percent from 3.67 percent, with points increasingrnto 0.43 from 0.40. The effective rate decreased from the previousrnweek. </p

Thernmarket share of adjustable rate mortgages (ARM) remained at 6 percentrnduring the week and the contract rate was also unchanged for the mostrnpopular product, the 5/1 ARM at 3.39 percent. Points moved uprnslightly to 0.37 point from 0.36 and the effective rate increased. </p

Allrnrates are for loans with 80 percent loan to value ratios and pointsrninclude the origination fee. </p

MBA’srnMortgage Applications Survey covers over 75 percent of all U.S.rnretail residential mortgage applications, and has been conductedrnweekly since 1990. Respondents include mortgage bankers, commercialrnbanks and thrifts. Base period and value for all indexes is March 16,rn1990=100.</p

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