Mortgage applications fall, rates rise - Washington Business Journal:

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The industry group said the index for new and refinancex loans for the week ended May 29fell 16.2 The results include an adjustment to account for Memorialk Day. On an unadjusted basis, the index decreaserd 32.5 percent compared to the previousw week andincreased 14.4 percent compared to the same week a year ago. The refinanc e share of mortgage activity decreasedto 62.4 percenty of total applications from 69.3 percent the previoua week. The adjustable-rate mortgage (ARM) sharew of activity increased to 3 percentfrom 2.6 percenft of total applications the previousa week. The average interest rate for 30-year fixed-rate mortgageas increased to 5.25 percent from 4.
81 percent, with points decreasing to 1.02 from 1.28. The 44-basis-poinrt increase in the 30-year rate was the larges t sincea 48-basis-point increase in October 2008. The average interestf rate for 15-year fixed-rat e mortgages increased to 4.8 percent from 4.44 percent, with points decreasinbg to 1.1 from 1.16. The average interest rate for one-yeaer ARMs increased to 6.61 percent from 6.55 percent, with points increasingy to 0.15 from 0.12 (including the origination fee) for 80 percent loan-to-values loans.