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

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MBA said that 38 percent of refinancingrnapplications were for the Home Affordable Refinance Program (HARP) compared torn35 percent the week before.  This was thernhighest share for HARP since MBA began tracking the program in 2012.</p

Both contract and effective interest rates fellrnduring the week.  The average contractrnrate for a 30-year fixed-rate mortgage (FRM) with a conforming balance ofrn$417,000 or less decreased to 4.73 percent from 4.80 percent and pointsrndecreased to 0.33 from 0.41.  The jumborn30-year FRM with balances over $417,000 had an average rate of 4.71 percentrnwith 0.25 point compared to 4.78 percent and 0.34 point the previous week.  This was the second week in a row that thernjumbo FRM carried a lower rate than the conforming version.</p

FHA-backed 30-year FRM had an average rate of 4.48rnpercent, down 4 basis points from a week earlier.  Points decreased to 0.03 from 0.32.</p

The rate for a 15-year FRM averaged 3.75 percentrnwith 0.30 point during the week.  Thernprevious week the average was 3.84 percent with 0.35 point.</p

The market share of adjustable rate mortgagesrn(ARM) decreased slightly during the week to 7 percent.  The rate for the most popular ARM, the 5/1rnhybrid, decreased 1 basis point to 3.49 percent and points were unchanged atrn0.37.  </p

Mortgage rate quotes are for loans with an 80rnpercent loan-to-value ratio.  Pointsrninclude the origination fee.</p

MBA’s Weekly Mortgage Application Survey coversrnapproximately 75 percent of all U.S. retail residential mortgage applications,rnand has been conducted since 1990. Respondents include mortgage bankers,rncommercial banks and thrifts. Base period and value for all indexes is Marchrn16, 1990=100.

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