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

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Refinance Index vs 30 Yr Fixed</p

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

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Mortgagernrates were mixed.  The average contractrninterest rate for 30-year fixed-rate mortgages (FRM) with conforming balancesrnunder $417,500 rose 2 basis points to 3.65 percent with points decreasing torn0.39 from 0.45.  Rates for 30-year jumbornFRM with balances above $417,500 increased from 3.85 percent with 0.42 pointsrnto 3.94 percent with 0.36 points.  Ratesrnfor FHA-backed 30-year FRM rates were unchanged at 3.41 percent but pointsrnincreased to 0.76 from 0.61.  Contract ratesrnwere at the highest level since September for all three and their effective ratesrnalso increased.</p

Shorterrnterm rates declined with the contract interest rate for 15-year fixed-raternmortgages down to 2.95 percent from 2.96 percent, with points decreasing to 0.35 from 0.36.  The rate for 5/1 adjustable rate mortgages (ARMs)rndecreased to 2.66 percent from 2.72 percent, with pointsrnremaining unchanged at 0.33.  Therneffective rate for both loan types decreased.  The ARM share of mortgage applications decreasedrnto 4 percent during the week. </p

All raterninformation is for loans with an 80 percent loan-to-value ratio and pointsrnincluded the origination fee.</p

MBA’srnweekly survey has been conducted since 1990 and covers over 75 percent of allrnU.S. retail residential mortgage applications. Respondents include mortgagernbankers, commercial banks and thrifts.  Base period and value for allrnindexes is March 16, 1990=100.

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