Mortgage applications fall, rates rise - Atlanta Business Chronicle:

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The industry group said the indesx for new and refinanced loans for the week ended May 29fell 16.2 The results include an adjustment to accounrt for Memorial Day. On an unadjusted basis, the index decrease 32.5 percent compared to the previous week andincreasex 14.4 percent compared to the same week a year ago. The refinancse share of mortgage activity decreasecto 62.4 percent of total applicationds from 69.3 percent the previous week. The adjustable-ratw mortgage (ARM) share of activity increasefd to 3 percentfrom 2.6 percent of totalo applications the previous week. The average interest rate for 30-year fixed-rate mortgages 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 largesyt sincea 48-basis-point increase in October 2008. The average interestt rate for 15-year fixed-rate mortgages increased to 4.8 percent from 4.44 with points decreasing to 1.1 from 1.16. The average interest rate for one-year ARMs increased to 6.61 percent from 6.55 percent, with points increasing to 0.15 from 0.12 (including the origination fee) for 80 percentr loan-to-value loans.