Mortgage activity slides with rates down

WASHINGTON, Dec. 21 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity fell in the week ended Friday with long-term mortgage interest rates also dropping.

Interest rates for 30-year, fixed-rate conforming mortgages fell from 4.12 percent to 4.08 percent with points rising from 0.45 to 0.49, the trade group said.

Rates for 15-year, fixed-rate contracts fell from 3.44 percent to 3.39 percent, the lowest rate of 2011. Points for 15-year loans fell from 0.52 to 0.4.

In the week, the Mortgage Index fell 2.6 percent, while the refinancing Index dropped 1.6 percent, the MBA said.