WASHINGTON, May 1 (UPI) -- U.S. mortgage activity rose modestly last week as long-term interest rates were mostly lower, the Mortgage Bankers Association said Wednesday.
The association said mortgage activity rose 1.8 percent in the week, while refinancing activity rose 3 percent from the previous week.
Interest rates for 30-year, fixed-rate conforming mortgages decreased from 3.65 percent to 3.6 percent during the week, the lowest rate since December 2012. Points for 30-year conforming loans fell from 0.41 to 0.3.
The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- rose from 3.75 percent to 3.8 percent. Points for 30-year jumbo loans fell from 0.37 to 0.29.
Interest rates for 15-year, fixed-rate mortgages fell from 2.89 percent to 2.84 percent, with points dropping from 0.4 to 0.26.
The average rate for 30-year loans backed by the Federal Housing Administration fell from 3.37 percent to 3.34 percent with points rising from 0.64 to 0.37.
The average rate for short-term, adjustable-rate mortgages dropped in the week from 2.62 percent to 2.55 percent, with points rising from 0.21 to 0.22, the MBA said.