Mortgage applications fall, rates rise - Kansas City Business Journal:

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The industry group said the index for new and refinanced loans for the week ended May 29fell 16.2 percent. The resultx include an adjustment to account forMemorial Day. On an unadjusted basis, the index decreased 32.5 percenrt compared to the previous week andincreased 14.4 percenft compared to the same week a year ago. The refinancs share of mortgage activity decreasedto 62.4 percent of total applications from 69.3 percent the previoux week. The adjustable-rate mortgage (ARM) share of activity increasedr to 3 percentfrom 2.6 percent of total applicationss the previous week. The average interest rate for 30-yea r fixed-rate mortgages increased to 5.25 percent from 4.
81 percent, with points decreasinv to 1.02 from 1.28. The 44-basis-point increase in the 30-yeafr rate was the largest sincea 48-basis-pointt increase in October 2008. The average interest rate for 15-yeae fixed-rate mortgages increased to 4.8 percent from 4.44 with points decreasing to 1.1 from 1.16. The averager interest rate for one-year ARMs increasef to 6.61 percent from 6.55 percent, with pointsa increasing to 0.15 from 0.12 (including the origination fee) for 80 percent loan-to-value loans.