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Mortgage activity rises marginally

May 25, 2011 at 4:20 PM   |   Comments

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WASHINGTON, May 25 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity increased 1.1 percent in the week ending May 20, despite a rise in long-term interest rates.

Interest rates for 30-year, fixed-rate mortgages rose from 4.6 percent to 4.69 percent with points falling from 0.93 to 0.69. Rates for 15-year, fixed-rate contracts rose from 3.75 percent to 3.78 percent with points dropping from 1.22 to 1.04, the association said.

The banking group said its Refinancing Index also rose, climbing 0.9 percent in the week.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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