facebook
twitter
search
search

Mortgage activity slows in week

March 13, 2013 at 11:37 AM
| License Photo

WASHINGTON, March 13 (UPI) -- U.S. mortgage activity declined last week, as long-term interest rates rose, the Mortgage Bankers Association said Wednesday.

The association said mortgage activity declined 4.7 percent from the previous week while refinancing activity dropped 5 percent in the week ending Friday.

Interest rates for 30-year, fixed-rate conforming mortgages increased from 3.7 percent to 3.81 percent during the week. Points for 30-year conforming loans were unchanged at 0.39.

The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- rose from 3.8 percent to 3.9 percent. Points for 30-year jumbo loans rose from 0.37 to 0.46.

Interest rates for 15-year, fixed-rate mortgages rose from 2.96 percent to 3.01 percent, with points falling from 0.37 to 0.33.

The average rate for 30-year loans backed by the Federal Housing Administration rose from 3.47 percent to 3.53 percent, with points rising from 0.33 to 0.38. The average rate for short-term, adjustable-rate mortgages increased in the week from 2.55 percent to 2.62 percent in the week, with points falling from 0.37 to 0.33, the MBA said.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
JetBlue first major airline to offer direct New York to Cuba flights