Mortgage activity rises marginally

WASHINGTON, April 24 (UPI) -- U.S. mortgage activity rose slightly last week, as long-term interest rates dropped, the Mortgage Bankers Association said Wednesday.

The association said mortgage activity rose 0.2 percent in the week, while refinancing activity rose 0.3 percent from the previous week.

Interest rates for 30-year, fixed-rate conforming mortgages decreased from 3.67 percent to 3.65 percent during the week. Points for 30-year conforming loans fell from 0.5 to 0.41.

The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- was unchanged at 3.77 percent. Points for 30-year jumbo loans rose from 0.27 to 0.37.

Interest rates for 15-year, fixed-rate mortgages fell from 2.91 percent to 2.89 percent, with points rising from 0.34 to 0.4.

The average rate for 30-year loans backed by the Federal Housing Administration held at 3.37 percent with points rising from 0.55 to 0.64. The average rate for short-term, adjustable-rate mortgages rose in the week from 2.57 percent to 2.62 percent in the week, with points falling from 0.29 to 0.21, the MBA said.