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

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Refinance Index vs 30 Yr Fixed</p

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

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Both long and short term contract interestrnrates increased during the week as did the effective rate of all products.  The 30-year fixed-rate mortgage (FRM) had anrnaverage rate of 3.86 percent with 0.42 point compared to 3.76 percent with 0.47rnpoint for loans with a conforming balance of $417,500 or less.  Jumbo 30-year FRM with balances above thatrnamount saw an increase in the interest rate to 3.62 percent with 0.50 pointrnfrom 3.53 percent with 0.49 point.</p

FHA-backed mortgages had an average raternof 3.62 percent compared to 3.53 percent. rnPoints increased from 0.49 to 0.50.</p

The rate for 15-year FRM increased 3rnbasis points to 3.15 percent with points increasing from 0.40 to 0.44.</p

Adjustable rate mortgages (ARM) had arn4.0 percent share of all mortgage applications during the week.  The hybrid 5/1 ARM had an average interestrnrate of 2.74 percent with 0.38 point compared to 2.73 percent with 0.36 pointrnthe previous week.</p

Interest rates quoted are for 80 percentrnloan-to-value mortgages and points include the application fee.</p

Data for the month of July showed therninvestor share of applications for home purchase was 5.7 percent, up from 5.5rnpercent in June and the share of purchase mortgages for second homes increasedrnto 5.8 percent from 5.6 percent.</p

MBA’s weekly survey has been conductedrnsince 1990.  It covers 75 percent of allrnretail residential mortgage applications in the country.  Respondents include mortgage bankers,rncommercial banks, and thrifts.  Basernvalue and period for the MBA indices is March 16, 1990 = 100.

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