Mortgage activity rises marginally

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.