Mortgage applications decline

WASHINGTON, July 17 (UPI) -- Mortgage activity declined last week as interest rates were mixed, the Mortgage Bankers Association said Wednesday.

Mortgage activity involving new loans slipped 2.6 percent, while refinancing activity dropped 4 percent for the second consecutive week, the MBA said.

The organization said average interest rates for standard 30-year, fixed-rate conforming loans held steady at 4.68 percent in the week with average points for 30-year, fixed rate loans dropping from 0.46 to 0.42.

For loans of more than $417,500, called jumbo loans, rates fell from 4.86 percent to 4.81 percent. Points for long-term jumbo loans rose from 0.37 to 0.4.

Average rates for 30-year, fixed rate contracts backed by the Federal Housing Administration rose from 4.37 percent to 4.38 percent with points decreasing from 0.39 to 0.22.

The average interest rate for 15-year, fixed-rate mortgages decreased from 3.76 percent to 3.7 percent. Points declined from 0.41 to 0.38 in the week.

For short-term, adjustable-rate contracts, interest rates fell from 3.4 percent to 3.39 percent with points dropping from 0.54 to 0.37.