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The average contract interest rate for 30-yearrnfixed-rate mortgages (FRM) with conforming loan balances ($417,000 or less) decreased to 4.39 percent,rnthe lowest rate since Novemberrn2013, from 4.43 percent, with points increasing to 0.22 from 0.21.  The rate for average 30-year FRMs with jumbornloan balances over $417,000 was unchanged from the previous week at 4.29rnpercent but points increased to 0.16 from 0.13. rnThe jumbo 30-year was the only loan product for which the effective raternincreased during the week. </p

FHA-backed 30-year FRM had its lowest rate since November, an averagernof 4.09 percent, down from 4.13 percent. rnPoints decreased to -0.17 from -0.03.rn </p

The average contractrninterest rate for 15-yearrnFRM also was at the lowest level since November 2013; 3.48 percent with 0.12 point compared torn3.52 percent with 0.22 point the previous week. rn</p

The average contractrninterest rate for 5/1 adjustable rate mortgages (ARMs) decreasedrnto 3.17 percentrnfrom 3.21 percent, with points decreasing to 0.24 from 0.29.  The market share of all types of ARMS decreasedrnfrom 9 percent to 8 percent</p

MBA’s survey coversrnover 75 percentrnof all U.S. retail residential mortgagernapplications, and has been conducted since 1990.rnRespondents include mortgagernbankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100rnand interest rate information is for loans with an 80 percent loan to valuernratio and points include the origination fee.

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