U.S. mortgage activity drops in week

May 15, 2013 at 9:30 AM
| License Photo

WASHINGTON, May 15 (UPI) -- U.S. mortgage activity fell last week as long-term interest rates were mostly higher, the Mortgage Bankers Association said Wednesday.

The association said mortgage activity fell 7.3 percent in the week while refinancing activity dropped 8 percent in the week ending Friday.

Interest rates for 30-year, fixed-rate conforming mortgages increased from 3.59 percent to 3.67 percent during the week. Points for 30-year conforming loans rose from 0.33 to 0.41.

The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- rose from 3.79 percent to 3.87 percent. Points for 30-year jumbo loans rose from 0.2 to 0.25.

Interest rates for 15-year, fixed-rate mortgages rose from 2.81 percent to 2.88 percent, with points rising from 0.29 to 0.31.

The average rate for 30-year loans backed by the Federal Housing Administration rose from 3.35 percent to 3.43 percent with points dropping from 0.57 to 0.16.

The average rate for short-term, adjustable-rate mortgages increased in the week from 2.53 percent to 2.55 percent. Points for short-term adjustable-rate loans rose from from 0.15 to 0.23, the MBA said.

Follow us on Facebook, Twitter, and Instagram for more news from UPI.com
Related UPI Stories
share with facebook
share with twitter
Trending Stories