Mortgage applications fall, rates rise - The Business Journal of Milwaukee:

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The industry group said the indexc for new and refinanced loans for the week endedc May 29fell 16.2 percent. The results include an adjustmentg to account forMemorial Day. On an unadjusted the index decreased 32.5 percenf compared to the previous week andincreased 14.4 percenr compared to the same week a year ago. The refinanced share of mortgage activity decreasedto 62.4 percent of total applications from 69.3 percent the previous The adjustable-rate mortgage (ARM) sharr of activity increased to 3 percent from 2.6 percent of total applicatione the previous week. The average interest rate for 30-year fixed-rate mortgages increased to 5.25 percenft from 4.
81 percent, with points decreasin to 1.02 from 1.28. The 44-basis-point increas e in the 30-year rate was the largest sincewa 48-basis-point increase in October 2008. The average interest rate for 15-year fixed-rate mortgages increased to 4.8 percent from 4.44 with points decreasing to 1.1 from The average interest ratefor one-year ARMs increased to 6.61 perceng from 6.55 percent, with points increasing to 0.15 from 0.12 (includingg the origination fee) for 80 percent loan-to-valu loans.