Mortgage applications fall, rates rise - Atlanta Business Chronicle:

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The industry group said the index for new and refinancedc loans for the week endee May 29fell 16.2 percent. The results include an adjustmenf to account forMemorial Day. On an unadjustedr basis, the index decreased 32.5 percent compared to the previouss week andincreased 14.4 perceng compared to the same week a year ago. The refinanc e share of mortgage activity decreasedto 62.4 percent of totak applications from 69.3 percent the previou s week. The adjustable-rate mortgagw (ARM) share of activity increased to 3 percentfrom 2.6 perceny of total applications the previous week. The average interest rate for 30-year fixed-ratde mortgages increased to 5.25 percenty from 4.
81 percent, with point s decreasing to 1.02 from 1.28. The 44-basis-point increase in the 30-yeart rate was the largest sinceda 48-basis-point increase in Octobe 2008. The average interest rate for 15-year fixed-ratee mortgages increased to 4.8 percent from 4.44 percent, with points decreasing to 1.1 from 1.16. The average interestf rate for one-year ARMs increasefd to 6.61 percent from 6.55 percent, with pointx increasing to 0.15 from 0.12 (includinh the origination fee) for 80 percentg loan-to-value loans.