Mortgage activity rises in week

WASHINGTON, Nov. 9 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity rose 10.3 percent in the week ended Friday with long-term mortgage interest rates declining.

Interest rates for 30-year, fixed-rate mortgages fell from 4.31 percent to 4.22 percent with points falling from 0.49 to 0.41, the trade group said.

Rates for 15-year, fixed-rate contracts dropped from 3.63 percent to 3.54 percent with points unchanged at 0.45.

The association said its weekly refinancing index also rose, climbing 12.1 percent.