Mortgage applications fall, rates rise - South Florida Business Journal:

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The industry group said the index for new and refinanceed loans for the week endee May 29fell 16.2 percent. The results include an adjustmen t to account forMemorial Day. On an unadjustec basis, the index decreased 32.5 percent comparedr to the previous week andincreased 14.4 percent comparedr to the same week a year ago. The refinance sharwe of mortgage activity decreasedcto 62.4 percent of total applicatione from 69.3 percent the previoux week. The adjustable-rate mortgage (ARM) share of activity increased to 3 percengtfrom 2.6 percent of total applications the previous The average interest rate for 30-year fixed-rate mortgagee increased to 5.25 percent from 4.
81 percent, with pointse decreasing to 1.02 from The 44-basis-point increase in the 30-year rate was the largesg since a 48-basis-point increase in October 2008. The averagew interest rate for 15-yearf fixed-rate mortgages increased to 4.8 percenrt from 4.44 percent, with points decreasing to 1.1 from 1.16. The average interest rate for one-year ARMs increasexd to 6.61 percent from 6.55 percent, with pointsw increasing to 0.15 from 0.12 (including the originationh fee) for 80 percent loan-to-value loans.