Mortgage action up, rates changes mixed

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WASHINGTON, Jan. 23 (UPI) -- U.S. mortgage activity rose 7 percent in the week that ended Friday with long-term interest rates mixed, the Mortgage Bankers Association said Wednesday.

The association said their refinancing activity index also rose, climbing 8 percent percent compared to the same period.

For the week, interest rates for 30-year, fixed-rate conforming mortgages rose from 3.61 percent to 3.62 percent. Points for 30-year conforming loans rose from 0.38 to 0.43.

The average interest rate for 30-year contracts on jumbo loans -- those larger than $417,500 -- fell from 3.88 percent to 3.85 percent. Points for 30-year jumbo loans fell from 0.38 to 0.34.

Interest rates for 15-year, fixed-rate mortgages dropped from 2.88 percent to 2.87 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 3.39 percent to 3.4 percent with points falling from 0.58 to 0.53. Average rate for short-term, adjustable-rate mortgages fell from 2.66 percent to 2.61 percent in the week with points falling from 0.34 to 0.32, the MBA said.