Mortgage activity slightly higher

April 10, 2013 at 3:23 PM
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WASHINGTON, April 10 (UPI) -- U.S. mortgage activity rose last week, as long-term interest rates fell slightly, the Mortgage Bankers Association said Wednesday.

The association said mortgage activity rose 4.5 percent in the week, while refinancing activity rose 6 percent.

Interest rates for 30-year, fixed-rate conforming mortgages decreased from 3.76 percent to 3.68 percent during the week. Points for 30-year conforming loans were unchanged at 0.43.

The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- fell from 3.85 percent to 3.79 percent. Points for 30-year jumbo loans fell from 0.37 to 0.36.

Interest rates for 15-year, fixed-rate mortgages fell from 2.99 percent to 2.92 percent, with points falling from 0.36 to 0.34.

The average rate for 30-year loans backed by the Federal Housing Administration fell from 3.48 percent to 3.43 percent with points rising from 0.38 to 0.52. The average rate for short-term, adjustable-rate mortgages decreased in the week from 2.6 percent to 2.58 percent in the week, with points rising from 0.32 to 0.37, the MBA said.

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