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Mortgage activity declines in week

Dec. 19, 2012 at 11:55 AM   |   Comments

WASHINGTON, Dec. 19 (UPI) -- U.S. mortgage activity fell sharply in the week ending Friday, with long-term interest rates mixed, the Mortgage Bankers Association said.

Mortgage activity fell 12.3 percent in the week and refinancing activity dropped 14 percent from the previous week, the association said Wednesday..

Interest rates for 30-year, fixed-rate conforming mortgages rose from 3.47 percent to 3.5 percent, climbing away from the lowest rates in the history of the MBA survey. Points for 30-year conforming loans rose from 0.36 to 0.44.

The average interest rate for 30-year contracts on jumbo loans -- those larger than $417,500 -- fell from 3.77 percent to 3.73 percent, an all-time low for the survey. Point for 30-year jumbo loans fell from 0.35 to 0.29.

Interest rates for 15-year, fixed-rate mortgages fell from 2.86 percent to 2.83 percent, also a low for the survey, with points unchanged at to 0.26.

The average rate for 30-year loans backed by the Federal Housing Administration rose from 3.32 percent to 3.34 percent with points rising from 0.51 to 0.54. Average rate for short-term, adjustable-rate mortgages fell from 2.63 percent to 2.61 percent in the week with points rising from 0.34 to 0.36, the MBA said.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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