Mortgage activity rises in week

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WASHINGTON, Jan. 9 (UPI) -- U.S. mortgage activity jumped sharply at the turn of the new year, the Mortgage Bankers Association said Wednesday.

Mortgage activity rose 11.7 percent from the week ending Jan 4, the association said. Refinancing activity climbed 12 percent percent over the same period.

For the week ending Friday, interest rates for 30-year, fixed-rate conforming mortgages rose from 3.52 percent to 3.61 percent. Points for 30-year conforming loans fell from 0.48 to 0.41.

The average interest rate for 30-year contracts on jumbo loans -- those larger than $417,500 -- rose from 3.75 percent to 3.78 percent. Points for 30-year jumbo loans rose from 0.3 to 0.38.

Interest rates for 15-year, fixed-rate mortgages rose from 2.86 percent to 2.88 percent with points rising from 0.27 to 0.39.

The average rate for 30-year loans backed by the Federal Housing Administration rose from 3.34 percent to 3.35 percent with points rising from 0.61 to 0.69. Average rate for short-term, adjustable-rate mortgages fell from 2.65 percent to 2.64 percent in the week with points falling from 0.42 to 0.37, the MBA said.