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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
B-52 bombers demo long reach of U.S. air power
Army orders tactical trucks from Oshkosh
Reddit CEO Ellen Pao offers to improve communication in wake of firing scandal
Oil markets hammered by Greece, Iran and China
Report: Brazil's Petrobras wading dark waters