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

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Refinance Index vs 30 Yr Fixed</p

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

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While mortgage rates moved only slightly fromrnweek to week it was enough to establish three new historic lows and the effectivernrate of all loans decreased.  The averagerncontract interest rate for conforming (balance of $417,500 or less) 30-yearrnfixed-rate mortgages (FRM) was unchanged at 3.74 percent with points nudgingrndown from 0.45 to 0.43.  The 30-yearrnconforming FRM has been below 4 percent since the first week in May.  </p

The jumborn30-year FRM (loan balance over $417,500) increased one basis point to 3.99rnpercent while points decreased from 0.32 to 0.28.  The conforming 15-year FRM established a newrnlow, falling to 3.07 percent with 0.45 point from 3.12 percent with 0.48rnpoint.  FHA-backed 30-year FRM decreasedrnto a new low of 3.52 percent with 0.52 point from 3.55 percent with 0.44 point. </p

Thernaverage contract interest rate for 5/1 adjustable rate mortgages (ARMs)rndecreased to 2.68 percent, the lowest rate in the history of the survey, from 2.71 percent, with points decreasingrnto 0.35 from 0.51.  ARMs had a 4 percentrnshare of mortgage applications.  </p

Interestrnrate data is for loans with a loan-to-value ratio of 80 percent and pointsrninclude the application fee. </p

The MBA’s WeeklyrnMortgage Application Survey covers over 75 percent of all U.S. retailrnresidential mortgage applications, and has been conducted weekly since 1990. rnRespondents include mortgage bankers, commercial banks and thrifts.  Basernperiod and value for all indexes is March 16, 1990=100.

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