Mortgage activity slides with rates higher

WASHINGTON, Feb. 22 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity fell 4.5 percent in the week ending Friday, as long-term interest rates rose.

Interest rates for 30-year, fixed-rate conforming mortgages rose from 4.08 percent to 4.09 percent with average points rising from 0.51 to 0.53.

Rates for 15-year, fixed-rate contracts also rose, climbing from 3.33 percent to 3.38 percent. Points for 15-year loans fell from 0.4 to 0.37.

Along with the MBA's Mortgage Index, the Refinancing Index also decreased, dropping 4.8 percent compared to the previous week.