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Fixed rate mortgage interest rates werernalso flat.  The average contract rate forrn30-year fixed-rate mortgages (FRM) with conforming loan balances ($417,000 orrnless) was unchanged from the previous week at 4.33 percent.  Points rose to 0.24 from 0.23 and therneffective rate increased.rn</p

Interest rates for 30-year jumbo FRMrnwith loan balances in excess of $417,000 inched up an average of one basisrnpoint to 4.22 percent.  Points increasedrnto 0.23 from 0.20 and the effective rate increased.</p

Average interest rates for 30-year FRMrnbacked by FHA remained at 4.03 percent, the same as the previous week, whilernpoints decreased to 0.00 from 0.15.  Therneffective rate declined.</p

Also unchanged were contract rates forrn15-year FRM.  While points decreased torn0.25 from 0.28, the rate were flat at 3.47 percent and the effective rate wasrnalso unchanged.</p

The marketrnshare for adjustable rate mortgages (ARMs) remained at 8 percent of allrnapplications.  The rate for 5/1 ARMsrnincreased from 3.21 percent with 0.32 point to 3.31 percent with 0.40 point andrnthe effect rate increased.rn</p

Application volumernand interest rate information are gathered by MBA through a Weekly MortgagernApplication Survey which it has conducted since 1990.  The survey is conducted among mortgage banks,rncommercial banks, and thrifts and coversrnover 75 percentrnof all U.S. retail residential mortgagernapplications.  Base period and value for all indexes is March 16, 1990=100.  Interest rate quotes assume a mortgage withrnan 80 percent loan-to-value ratio and points include the origination fee.

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