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Mortgage activity slips as rates rise

March 20, 2013 at 11:28 AM   |   Comments

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WASHINGTON, March 20 (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 7.1 percent from the previous week while refinancing activity dropped 8 percent in the week ending Friday.

Interest rates for 30-year, fixed-rate conforming mortgages increased from 3.81 percent to 3.82 percent during the week. Points for 30-year conforming loans fell from 0.39 to 0.38.

The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- rose from 3.9 percent to 3.95 percent. Points for 30-year jumbo loans fell from 0.46 to 0.36.

Interest rates for 15-year, fixed-rate mortgages rose from 3.01 percent to 3.02 percent, with points falling from 0.42 to 0.36.

The average rate for 30-year loans backed by the Federal Housing Administration held steady at 3.53 percent with points falling from 0.38 to 0.31. The average rate for short-term, adjustable-rate mortgages decreased in the week from 2.62 percent to 2.59 percent in the week, with points rising from 0.33 to 0.4, the MBA said.

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