Refinance Index vs 30 Yr Fixed</p

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Purchase Index vs 30 Yr Fixed</p

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The FHA share of total applicationsrnincreased to 13.4 percent from 12.7 percent and the VA share to 10.8 percentrnfrom 9.8 percent. The always negligible USDA share of applications edged up 0.1 point to 0.8 percent. </p

Interest rates were mixed.  The average contract interest rate forrn30-year fixed-rate mortgages (FRM) with conforming loan balances ($417,000 orrnless) increased to 4.10 percent from 4.08 percent.  Points increased to 0.39 from 0.37 and therneffective rate increased. </p

The average contract interest rate forrn30-year FRM with jumbo loan balances (greater than $417,000) declined by 2rnbasis points to 4.03 percent.  Pointsrnwere unchanged at 0.28 and the effective rate was also lower than the weekrnbefore. </p

The FHA-backed 30-year FRM had an averagernrate of 3.90 percent with 0.23 point compared to 3.87 percent with 0.32rnpoint.  The effective rate was unchanged.</p

Fifteen-year FRM had an average rate ofrn3.34 percent, up 4 basis points from the week ended August 28.  Points increased to 0.28 from 0.26 and therneffective rate was also up. </p

The share of adjustable rate mortgagern(ARM) applications was 6.9 percent of the total, down from 7.5 percent a week earlier.  The average contract interest rate for 5/1rnARMs decreased to 3.03 percent from 3.05 percent, with points decreasing torn0.27 from 0.36.  The effective raterndecreased.  </p

MBA derives application data from its WeeklyrnMortgage Application Survey which it has conducted since 1990.  The survey covers over 75 percent of all U.S.rnretail residential mortgage applications with respondents that include mortgagernbankers, commercial banks and thrifts. Base period and value for all indexes isrnMarch 16, 1990=100.  Rate information presumes a loan with an 80rnpercent loan-to-value ratio and with points that include the origination fee.

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