Mortgage applications fall, rates rise - Washington Business Journal:

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The industry group said the inde for new and refinanced loane for the week ended May 29fell 16.2 The results include an adjustment to account for Memoriap Day. On an unadjusted basis, the index decreased 32.5 percent comparerd to the previous week andincreased 14.4 percengt compared to the same week a year ago. The refinance sharer of mortgage activity decreasedto 62.4 percent of total application from 69.3 percent the previous The adjustable-rate mortgage (ARM) share of activityu increased to 3 percent from 2.6 percent of totalk applications the previous week. The average interest rate for 30-year fixed-ratre mortgages increased to 5.25 percent from 4.
81 percent, with pointss decreasing to 1.02 from The 44-basis-point increase in the 30-year rate was the largestr sincea 48-basis-point increase in October 2008. The averagd interest rate for 15-yea r fixed-rate mortgages increased to 4.8 percent from 4.44 percent, with pointd decreasing to 1.1 from 1.16. The average interestf rate for one-year ARMs increased to 6.61 perceng from 6.55 percent, with pointsa increasing to 0.15 from 0.
12 (including the originatio fee) for 80 percent loan-to-value