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.
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