Mortgage action drops in week

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WASHINGTON, Feb. 27 (UPI) -- U.S. mortgage activity fell 3.8 percent last week, with long-term interest rates generally lower, the Mortgage Bankers Association said Wednesday.

The association said its refinancing activity index for the week ending Friday dropped 3 percent compared to the previous week.

Interest rates for 30-year, fixed-rate conforming mortgages fell from 3.78 percent to 3.77 percent during the week. Points for 30-year conforming loans rose from 0.4 to 0.48.

The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- decreased from 3.94 percent to 3.93 percent. Points for 30-year jumbo loans fell from 0.4 to 0.37.

Interest rates for 15-year, fixed-rate mortgages was unchanged at 3 percent to 3.03 percent, with points falling from 0.38 to 0.34.

The average rate for 30-year loans backed by the Federal Housing Administration was unchanged at 3.54 percent, with points rising from 0.4 to 0.41. The average rate for short-term, adjustable-rate mortgages fell from 2.66 percent to 2.65 percent in the week, with points rising from 0.32 to 0.36, the MBA said.