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Bothrncontract and effective interest rates fell across the board from thernprevious week’s levels. Thirty-year fixed-rate mortgages (FRM) withrnloan balances of $417,500 or less (i.e conventional loans) had anrnaverage contract rate of 4.58 percent with 0.40 point, down from 4.68rnpercent with 0.42 point. The average contract interest rate for thernjumbo version of the loan (balances of more than $417,500) fell 15rnbasis points to 4.66 percent while points increased to 0.41 fromrn0.40. </p

FHA-backedrn30-year FRM had an average contract rate of 4.28 percent with 0.33rnpoint compared to 4.38 percent with 0.22 point the previousrnweek.

The smallest decrease was in the average contract raternfor 15-year FRM. That rate decreased to 3.63 percent from 3.70rnpercent, with points decreasing to 0.35 from 0.38. </p

Therncontract rate for 5/1 adjustable rate mortgages (ARMs) decreased torn3.30 percent from 3.39 percent,with points decreasing to 0.34 fromrn0.37. The ARM share of mortgage applications fell fractionally to 7rnpercent of total applications. </p

MBA’srnWeekly Mortgage Applications survey covers over 75 percent of allrnU.S. retail residential mortgage applications, and has been conductedrnsince 1990 and includes responses from mortgage bankers, commercialrnbanks and thrifts. Interest rate information is based on loans withrnan 80 percent loan-to-value ratio and points include the originationrnfee. Base period and value for all indexes is March 16, 1990=100.</p

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