Mortgage activity down in week

WASHINGTON, Sept. 8 (UPI) -- The Mortgage Bankers Association says U.S. mortgage activity fell in the week ended Friday with mortgage rates also falling.

Interest rates for 30-year, fixed-rate mortgages fell from 4.32 percent to 4.23 percent with points falling from 1.29 to 1.04. Rates for 15-year, fixed-rate contracts fell from 3.49 percent to 3.41 percent with points falling from 1 to 0.94, the association said.

The banking group said its weekly mortgage activity index fell 4.9 percent, while the refinancing index fell 6.3 percent.