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Mortgage Applications Decrease in Latest MBA Weekly Survey

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The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.74 percent from 4.57 percent, with points increasing to 0.28 from 0.25 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.40 percent from 4.25 percent, with points decreasing to 0.21 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.71 percent from 3.60 percent, with points decreasing to 0.32 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.44 percent from 3.36 percent, with points increasing to 0.48 from 0.37 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

For more information, visit www.mortgagebankers.org.

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