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Mortgage rates find new bottom

Dec. 12, 2012 at 11:51 AM

WASHINGTON, Dec. 12 (UPI) -- U.S. mortgage activity rose in the week ending Friday, as long-term interest rates fell, some setting record lows, the Mortgage Bankers Association said.

Mortgage activity rose 6.2 percent in the week and refinancing activity rose 8 percent from the previous week, the association said Wednesday..

Interest rates for 30-year, fixed-rate conforming mortgages fell from 3.52 percent to 3.47 percent, the lowest rates in the history of the MBA survey, with points falling from 0.41 to 0.36.

The average interest rate for 30-year contracts on jumbo loans -- those larger than $417,500 -- fell from 3.79 percent to 3.77 percent with points rising from 0.32 to 0.35.

Interest rates for 15-year, fixed-rate mortgages fell from 2.86 percent to 2.85 percent, also a low for the survey, with points falling from 0.27 to 0.26.

The average rate for 30-year loans backed by the Federal Housing Administration fell from 3.34 percent to 3.32 percent, a record, with points falling from 0.62 to 0.51. Average rate for short-term, adjustable-rate mortgages rose to 2.63 percent from 2.62 percent in the week with points falling from 0.4 to 0.34, the MBA said.

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