Mortgage activity down with rates higher

WASHINGTON, Dec. 1 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity fell for the second consecutive week, as long-term interest rates edged higher.

Interest rates for 30-year, fixed-rate mortgages rose from 4.5 percent to 4.56 percent. Rates for 15-year fixed-rate contracts rose from 3.83 percent to 3.91 percent, the MBA said.

Average points for 30-year contracts rose 0.87 to 0.96. Points for 15-year mortgages fell from 1.04 to 0.88.

The MBA's Market Composite Index, indicating the volume of new mortgage activity, fell 16.5 percent in the week ending Nov. 26. The Refinancing Index dropped 21.6 percent, the trade group said.