Mortgage applications fall, rates rise - Washington Business Journal:

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The industry group said the index for new and refinanced loana for the week ended May 29fell 16.2 The results include an adjustment to account for Memoriapl Day. On an unadjusted basis, the index decreasedc 32.5 percent compared to the previous week andincreased 14.4 percent compared to the same week a year ago. The refinancre share of mortgage activity decreasedto 62.4 percent of totalo applications from 69.3 percent the previoues week. The adjustable-rate mortgagde (ARM) share of activity increased to 3 percentfrom 2.6 percentt of total applications the previous The average interest rate for 30-year fixed-rate mortgages increased to 5.25 percen t from 4.
81 percent, with points decreasing to 1.02 from The 44-basis-point increase in the 30-yearf rate was the largest since a 48-basis-poin increase in October 2008. The average interest rate for 15-yeafr fixed-rate mortgages increased to 4.8 percentt from 4.44 percent, with points decreasinhg to 1.1 from 1.16. The average interest rate for one-yearf ARMs increased to 6.61 percent from 6.55 with points increasing to 0.15 from 0.
12 (including the origination fee) for 80 percent loan-to-value