New FHA Premiums Slated for Summer
Risk-based premiums on subprime loans insured by the Federal Housing Administration will be implemented within two months.

The U.S. Department of Housing and Urban Development announced Thursday that the Bush administration has issued final guidance on FHA mortgage insurance premiums.

Borrowers who are in subprime loans they cannot afford can refinance through FHASecure, an initiative unveiled by Bush last August.
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Activity on ARMs, Refis Rise
A slight increase in fixed rates along with a slight decrease in adjustable-mortgage rates helped push ARM share higher. But refinance applications surged -- pushing overall applications higher.

Another MTA Improvement
Despite an increase in April's average 1-year Treasury yield, the monthly treasury average fell for the 12th consecutive month.

Cashouts Diminish
The share of refinances that included cashout fell to the lowest level in nearly four years.

COFI at 28-Month Low
The cost of funds index reached its lowest level in 28 months.

New ARM Index
Activity was mixed on mortgage rates during the latest week as applications worsened. A new index for variable-rate loans is expected to launch by next week.

Rates, Apps Worsen
Rising rates pushed mortgage applications lower.

Refis, ARMs Improve
Adjustable-rate loans improved, as did refinance applications. But purchase applications were lower.

Uptick in Apps
Loan applications edged higher, while mortgage rates were little changed.

MTA Improves Again
The monthly Treasury average continued its descent.