Mortgage applications fall, rates rise - Portland Business Journal:

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The industry group said the index for new and refinanced loansw for the week ended May 29fell 16.2 The results include an adjustment to account for Memoriaol Day. On an unadjusted basis, the index decreased 32.5 percen t compared to the previous week andincreased 14.4 percenr compared to the same week a year ago. The refinancer share of mortgage activitt decreasedto 62.4 percent of total applications from 69.3 percent the previous week. The adjustable-rat mortgage (ARM) share of activity increased to 3 percentfrom 2.6 percentg of total applications the previous week. The averagew interest rate for 30-year fixed-rate mortgages increased to 5.25 percenr from 4.
81 percent, with points decreasing to 1.02 from The 44-basis-point increase in the 30-yeard rate was the largest sincesa 48-basis-point increase in Octobeer 2008. The average interest rate for 15-year fixed-rate mortgagew increased to 4.8 percent from 4.44 percent, with pointsz decreasing to 1.1 from 1.16. The average interest rate for one-year ARMs increased to 6.61 percent from 6.55 with points increasing to 0.15 from 0.12 (includinb the origination fee) for 80 percent loan-to-valuee loans.