Mortgage activity climbs slightly

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WASHINGTON, May 9 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity rose marginally in the week ended Friday with interest rates inching lower.

Mortgage activity rose 1.7 percent in the week, following a marginal 0.1 percent increase in the previous week.

The trade group's Refinancing Index also rose minimally, up 1.3 percent after a rise of 0.7 percent from the previous week, the MBA said.

Interest rates for 30-year, fixed-rate conforming mortgages fell from 4.05 percent to 4.01 percent with average points falling from 0.44 to 0.41.

Rates for 15-year, fixed-rate contracts fell from 3.31 percent to 3.29 percent, for the second consecutive week setting a record for the history of the survey. Points for 15-year loans fell from 0.41 to 0.32.