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Mortgage activity slows for seventh week

  |   July 31, 2013 at 11:52 AM
WASHINGTON, July 31 (UPI) -- Mortgage activity declined for the seventh consecutive week last week while interest rates were mixed, a banking trade group said Wednesday.

The Mortgage Bankers Association said mortgage activity fell 3.7 percent in the week ending Friday.

In the same week, the MBA's index for refinancing activity dropped 4 percent.

The organization said average interest rates for standard 30-year, fixed-rate conforming loans was unchanged at 4.58 percent with average points for 30-year, fixed rate loans dropping from 0.4 to 0.38.

For loans of more than $417,500, called jumbo loans, rates fell from 4.66 percent to 4.64 percent. Points for long-term jumbo loans fell from 0.33 to 0.31.

Average rates for 30-year, fixed rate contracts backed by the Federal Housing Administration rose from 4.28 percent to 4.3 percent with points falling from 0.33 to 0.31.

The average interest rate for 15-year, fixed-rate mortgages rose from 3.63 percent to 3.67 percent. Points rose from 0.35 to 0.4 in the week.

For short-term, adjustable-rate contracts, interest rates rose from 3.3 percent to 3.39 percent with points climbing from 0.34 to 0.36.

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