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Refinance Index vs 30 Yr Fixed</p

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The average contract interest rate for 30-year fixedrnrate mortgages (FRM) with conforming loan balances of $417,000 or lessrnincreased to 4.46 percent from 4.42 percent. rnPoints decreased to 0.31 from 0.44 and the effective rate rose. </p

The jumbo 30-year FRM (balances greater thanrn$417,000) had an average contract rate of 4.51 percent with 0.15 point comparedrnto 4.45 percent with 0.21 point the week before.  The effective rate also increased.</p

Contract and effective rates for FHA-backed 30-yearrnFRM both increased,  The contract rate rosern1 basis point to 4.16 percent and points increased from 0.37 to 0.44</p

Fifteen-year FRM had an average rate of 3.53rnpercent with 0.31 point compared to 3.52 with 0.34 point the previousrnweek.  </p

Adjustable rate mortgages (ARM) had a 6 percentrnmarket share during the week.  Thernaverage contract interest rate for 5/1 ARMs remained unchanged at 3.25 percent,rnwith points increasing to 0.32 from 0.29.</p

Rates quoted are for mortgages with 80 percentrnloan-to-value ratios.  Points include thernorigination fee.</p

MBA’s survey covers over 75 percent of all U.S.rnretail residential mortgage applications, and has been conducted since 1990.rn Respondents include mortgage bankers, commercial banks and thrifts.rn Base period and value for all indexes is March 16, 1990=100.

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