ChartManager.loadChart(‘purchaseappschart’, ‘PurchaseMtgAppChart’);

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Refinance Index vs 30 Yr Fixed</p

ChartManager.loadChart(‘refiappschart’, ‘RefiMtgAppChart’);

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While thernmovement in interest rates was small, all products tracked by MBA’s WeeklyrnMortgage Applications Survey were down on both a contract and effective basis.  Contract rates all eased back to mid-Junernlevels.  </p

The average contract interest rate for 30-yearrnfixed-rate mortgages (FRM) with conforming loan balances ($417,000 or less)rndecreased to 4.42 percent from 4.49 percent. rnPoints increased to 0.44 from 0.34. rnThe average rate for the jumbo version of the 30-year FRM (balances greaterrnthan $417,000) decreased to 4.45 percent from 4.53 percent with pointsrndecreasing to 0.21 from 0.22.  </p

FHA-backed 30-year FRMs had an average contractrnrate of 4.15 percent with 0.37 point. rnThe previous week the rate was 4.21 percent with 0.35 point.</p

The rate for 15-year FRM was down 3 basis pointsrnfrom the previous week to an average of 3.52 percent. Points increased fromrn0.33 to 0.34.</p

Six percent of applications during the week werernfor adjustable rate mortgages (ARMs), unchanged from the week before.  The average rate for a 5/1 ARM was down torn3.25 percent from 3.26 percent.  Pointsrnincreased to 0.29 from 0.28.</p

All rates quoted are for loans with an 80 percentrnloan-to-value ratio.  Points include thernorigination fee.</p

MBA’s survey covers over 75 percent of all U.S.rnretail residential mortgage applications, and has been conducted weekly sincern1990.  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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