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Mortgage activity declines in week

Feb. 13, 2013 at 7:26 PM

WASHINGTON, Feb. 13 (UPI) -- U.S. mortgage activity fell 6.4 percent last week, with long-term interest rates ticking up slightly, the Mortgage Bankers Association said Wednesday.

The association said its refinancing activity index for the week ending Friday also rose, climbing 6 percent compared to the previous week.

Interest rates for 30-year, fixed-rate conforming mortgages rose from 3.73 percent to 3.75 percent during the week. Points for 30-year conforming loans held steady at 0.43.

The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- rose from 3.96 percent to 3.98 percent. Points for 30-year jumbo loans fell from 0.38 to 0.36.

Interest rates for 15-year, fixed-rate mortgages rose from 3 percent to 3.01 percent, with points falling from 0.33 to 0.28.

The average rate for 30-year loans backed by the Federal Housing Administration was unchanged at 3.53 percent, with points rising from 0.38 to 0.39. The average rate for short-term, adjustable-rate mortgages fell from 2.72 percent to 2.66 percent in the week, with points rising from 0.3 to 0.31, the MBA said.

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