Mortgage applications fall, rates rise - Atlanta Business Chronicle:

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The industry group said the index for new and refinancesd loans for the week ended May 29fell 16.2 percent. The results include an adjustmenr to account forMemorialp Day. On an unadjusted basis, the index decreased 32.5 perceny compared to the previous week andincreased 14.4 percent comparec to the same week a year ago. The refinance sharre of mortgage activity decreasedto 62.4 percen of total applications from 69.3 percent the previoud week. The adjustable-rate mortgage share of activity increasecd to 3 percentfrom 2.6 percenrt of total applications the previous week. The average interest rate for 30-year fixed-rate mortgagesw increased to 5.25 percent from 4.
81 with points decreasing to 1.02 from 1.28. The 44-basis-point increas in the 30-year rate was the largesgt sincea 48-basis-point increase in October 2008. The averagr interest rate for 15-year fixed-rate mortgages increased to 4.8 percen from 4.44 percent, with points decreasing to 1.1 from 1.16. The averagee interest rate for one-year ARMs increased to 6.61 percenf from 6.55 percent, with points increasinf to 0.15 from 0.
12 (including the origination fee) for 80 percent loan-to-value