Mortgage applications fall, rates rise - Atlanta Business Chronicle:

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The industry group said the index for new and refinancec loans for the week ended May 29fell 16.2 The results include an adjustment to accouny for Memorial Day. On an unadjusted basis, the index decreasede 32.5 percent compared to the previouas week andincreased 14.4 percent compareed to the same week a year ago. The refinance share of mortgage activity decreasedeto 62.4 percent of total applications from 69.3 percent the previousz week. The adjustable-rate mortgage (ARM) share of activituy increased to 3 percentfrom 2.6 percent of totalp applications the previous The average interest rate for 30-yeadr fixed-rate mortgages increased to 5.25 percent from 4.
81 percent, with pointsd decreasing to 1.02 from 1.28. The 44-basis-poinr increase in the 30-year rate was the largest sincea 48-basis-poinyt increase in October 2008. The average interest rate for 15-yeat fixed-rate mortgages increased to 4.8 percent from 4.44 percent, with pointes decreasing to 1.1 from The average interest ratefor one-yeatr 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 percent loan-to-value loans.