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

</p

Refinance Index vs 30 Yr Fixed</p

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

</p

“Thernannouncement of stronger than anticipated job growth last week led to anrnincrease in interest rates, with the 30 year fixed mortgage rate in our surveyrnreaching the highest level in more than six months,” said Mike Fratantoni,rnMBA’s Vice President of Research and Economics.  “Refinance applicationsrndeclined as a result, but remain high given the steady flow of HARPrnapplications.”</p

The average contract interest rate for 30-year fixed-raternmortgages (FRM) with conforming loan balances ($417,500 orrnless) jumped to 3.81 percent, the highest rate since August 2012, from 3.70rnpercent, with points unchanged at</a0.39.  The effective rate for this andrnall products increased from the previous week. </p

Thernaverage rate for 30-year FRM with jumbo loan balances (greater than $417,500) rosern10 basis points to 3.90 percent with points increasingrnto 0.46 from 0.37. </p

The rate forrn30-year FHA-backed FRM increased to 3.53 percent with 0.38 point from 3.47rnpercent with 0.33 point.</p

The average raternfor 15-year fixed-rate mortgages increased to 3.01 percent from 2.96rnpercent, with points increasing to 0.42 from 0.36. </p

Applications for adjustable rate mortgages (ARMs) rose abovern4 percent for the first time in months, hitting a 5 percent share ofrnapplication volume.  The average contractrninterest rate for 5/1 ARMs increased to 2.62 percentrnfrom 2.55 percent, with points decreasing to 0.33 from 0.37. </p

All ratesrnquoted are for loans with loan-to-value ratios of 80 percent and points includernthe origination fee.</p

MBA’s WeeklyrnApplication Survey covers over 75 percent of all U.S. retail residentialrnmortgage 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.</p

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.