Mortgage applications fall, rates rise - Atlanta Business Chronicle:

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The industry group said the index for new and refinancedf loans for the week ended May 29fell 16.2 percent. The resultes include an adjustment to account forMemorial Day. On an unadjustede basis, the index decreased 32.5 percent compared to the previouas week andincreased 14.4 percent compared to the same week a year ago. The refinancer share of mortgage activity decreasedto 62.4 percentg of total applications from 69.3 percent the previouse week. The adjustable-rate mortgage (ARM) share of activitty increased to 3 percentrfrom 2.6 percent of total applications the previous week. The average interestf rate for 30-year fixed-rate mortgagews increased to 5.25 percent from 4.
81 with points decreasing to 1.02 from The 44-basis-point increase in the 30-year rate was the largesy sincea 48-basis-point increase in October 2008. The averages interest rate for 15-yea r fixed-rate mortgages increased to 4.8 percen t from 4.44 percent, with points decreasing to 1.1 from 1.16. The average interesft rate for one-year ARMs increaseds to 6.61 percent from 6.55 percent, with points increasing to 0.15 from 0.12 (includinvg the origination fee) for 80 percent loan-to-valuse loans.