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U.S. unveils plans for offshore wind farms
WASHINGTON, Sept. 8 (UPI) -- The Mortgage Bankers Association said Wednesday U.S. mortgage activity decreased in the latest weekly survey, while interest rates increased.
The MBA's Market Composite Index fell 1.5 percent in the week ending Sept. 3. The MBA's Refinancing Index also dropped, falling 3.1 percent, the trade group said.
During the week, the average interest rate for 30-year, fixed-rate mortgages rose from 4.43 percent to 4.5 percent with points falling from 1.34 to 0.96.
Rates for the average 15-year, fixed-rate mortgage rose from 3.88 percent to 4 percent, with points for 15-year contracts falling from 1.45 to 0.87.
"Purchase activity remains well below levels seen prior to the expiration of the homebuyer tax credit, and is almost 40 percent below the level recorded one year ago," said Michael Fratantoni, MBA's vice president of research and economics.
"Refinance volume dropped last week for the first time in six weeks, but the level of applications to refinance remains close to recent highs, as historically low mortgage rates continue to draw borrowers into the market," he said.
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