facebook
twitter
rss
account
search
search
 

Mortgage activity up as rates drop

April 17, 2013 at 11:59 AM   |   Comments

| License Photo
WASHINGTON, April 17 (UPI) -- U.S. mortgage activity rose last week, as long-term interest rates dropped, the Mortgage Bankers Association said Wednesday.

The association said mortgage activity rose 4.8 percent in the week, while refinancing activity rose 5 percent.

Interest rates for 30-year, fixed-rate conforming mortgages decreased from 3.68 percent to 3.67 percent during the week. Points for 30-year conforming loans rose from 0.43 to 0.5.

The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- fell from 3.79 percent to 3.77 percent. Points for 30-year jumbo loans fell from 0.36 to 0.27.

Interest rates for 15-year, fixed-rate mortgages fell from 2.92 percent to 2.91 percent, with points holding steady at 0.34.

The average rate for 30-year loans backed by the Federal Housing Administration fell from 3.43 percent to 3.37 percent with points rising from 0.52 to 0.55. The average rate for short-term, adjustable-rate mortgages decreased in the week from 2.58 percent to 2.57 percent in the week, with points falling from 0.37 to 0.29, the MBA said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Hershey's new logo launched, compared to emoji poop
2
Brazil Air Force, Saab discuss Gripen procurement deal
3
Abercrombie & Fitch axes logos after years of declining sales and bad press
4
The 'Home of the Whopper' to keep headquarters in U.S.
5
France receives upgraded aerial tanker
Trending News
Video
x
Feedback