In the week that ended Friday, U.S. mortgage activity fell 4.2 percent and refinancing fell 5 percent, the MBA said. Interest rates for 30-year, fixed-rate conforming mortgages rose from 3.56 percent to 3.57 percent with points rising from 0.4 to 0.42.
The average interest rate for 30-year contracts on jumbo loans -- loans larger than $417,500 -- rose from 3.74 percent to 3.81 percent, a low for the history of the survey. Points for 30-year jumbo loans rose from 0.4 to 0.42.
Interest rates for 15-year, fixed-rate mortgages dropped from 2.88 percent to 2.87 percent, falling for the eighth consecutive week and reaching a record low. Points for 15-year, fixed rate contracts fell from 0.4 to 0.39.
The average rate for 30-year loans backed by the Federal Housing Administration was unchanged in the week, holding at an historic low of 3.34 percent, while the average rate for short-term adjustable rate mortgages fell from 2.6 percent to 2.59 percent in the week, the MBA said.