facebook
twitter
search
search

Mortgage action drops in week

Feb. 27, 2013 at 11:00 AM

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.

Related UPI Stories
Latest Headlines
Trending Stories
Walgreens to sell heroin overdose antidote naloxone without prescription
Hospital mortality drops with lower patient-to-nurse ratio
Kanye West under fire after Bill Cosby tweet
Plus-sized model Ashley Graham nabs Sports Illustrated swimsuit spread
IKEA issues recall after glass ceiling lamps crash to ground