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Refinance Index vs 30 Yr Fixed</p

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Both contract interest rates andrneffective rates declined across the board. rnThe average rate for 30-year fixed rate mortgages (FRM) with conformingrnloan balances of $417,500 or less declined from 3.80 percent with 0.42 point torn3.78 percent with 0.37 point.  The jumbornversion of the 30-year FRM was down one basis point to 4.05 percent with pointsrndecreasing to 0.32 from 0.34.  Thirty-yearrnFRM backed by the FHA had an average interest rate of 3.54 percent with 0.44rnpoints, down from 3.60 percent with 0.48 point. rnThe 15-year FRM rate slipped to 3.10 percent with 0.37 point from 3.12rnpercent with 0.44 point.</p

Rates for the 5/1 adjustable raternmortgages (ARMs) averaged 2.64 percent with 0.35 point compared to 2.68 percentrnwith 0.36 percent the previous week.  ThernARM share of mortgage applications increased to 5 percent during the week.</p

All rates provided by the MBA are for 80rnpercent loan-to-value ratio loans and points include the application fee.</p

MBA’s weekly Mortgage Application Surveyrncovers 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.

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