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Refinance Index vs 30 Yr Fixed</p

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Thernaverage contract interest rate for 30-year fixed-rate mortgages (FRM) with conforming loan balances ($417,500 or less) increasedrnto 3.82 percent with 0.38 point from 3.81 percent, with 0.39 point and the effective rate increasedrnfrom the previous week.  The jumborn30-year FRM increased to 3.95 percent from 3.90 percent, withrnpoints decreasing to 0.36 from 0.46 and the effective rate increased.</p

The average raternfor FHA-backed 30-year FRM was unchanged at 3.53 percent with points decreasingrnto 0.31 from 0.38 thus lowering the effective rate.  The government share of purchase applicationsrndeclined to 33 percent, its lowest level since January 2009.</p

The averagerncontract interest rate for 15-year fixed-rate mortgages increased torn3.02 percent from 3.01 percent, with points decreasing to 0.36 from 0.42.  The effective rate also decreased. </p

The contractrnrate for 5/1 adjustable rate mortgages (ARMs) dipped 3 basis points to 2.59rnpercent while points increased from 0.33 to 0.40.  The effective rate decreased. Thernadjustable-rate mortgage (ARM) share of activity remained constant at 5 percent of total applications.  </p

All ratesrnquoted are for mortgages with loan-to-value ratios of 80 percent.  Points include the origination fee.</p

MBA’s survey has been conducted weekly since 1990 and coversrnover 75 percent of all U.S. retail residential mortgage applications. Respondentsrninclude mortgage bankers, commercial banks and thrifts.  Base period andrnvalue for all indexes is March 16, 1990=100.</p

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