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Contract interest rates which had risen sharply forrnseveral weeks were mixed during the week while effective rates allrndeclined. The average contract interest rate for 30-year fixed-raternmortgages (FRM) with conforming loan balances ($417,500 or less) wasrnunchanged at 4.68 percent,with points decreasing to 0.42 from 0.46.rnThe interest rate for the jumbo 30-year FRM (loan balances overrn$417,500) decreased to 4.81 percent from 4.86 percent and pointsrnincreased to 0.40 from 0.37. FHA-backed 30-year FRM had a contractrnrate of 4.38 percent with 0.22 point compared to 4.37 percent withrn0.39 point the previous week.

The average contract interestrnrate for 15-year fixed-rate mortgages dropped 6 basis points to 3.70rnpercent. Points decreased to 0.38 from 0.41.

The averagerncontract interest rate for 5/1 adjustable rate mortgages (ARMs)rnslipped to 3.39 percent from 3.40 percent and points fell to 0.37rnfrom 0.54, The ARM share of activity increased to 7 percent of totalrnapplications.</p

Ratesrnquoted are for 80 percent loan-to-value ratio mortgages and pointsrninclude the origination fee.

MBA’s Weekly MortgagernApplications Survey covers over 75 percent of all U.S. retailrnresidential mortgage applications, and has been conducted weeklyrnsince 1990. Respondents include mortgage bankers, commercial banksrnand thrifts. Base period and value for all indexes is March 16,rn1990=100.

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