facebook
twitter
rss
account
search
search
 

U.S. mortgage applications fall less than 1 percent

Oct. 23, 2013 at 10:59 AM   |   Comments

WASHINGTON, Oct. 23 (UPI) -- U.S. mortgage activity dropped less than 1 percent last week, the Mortgage Bankers Association said Wednesday.

The MBA said mortgage activity dropped 0.6 percent from the previous week and refinancing activity fell 1 percent.

Averages of interest rates for long-term loans fell during the week. Rates decreased from 4.46 percent to 4.39 percent, with points increasing from 0.31 to 0.41 for 30-year, fixed-rate loans not backed by the Federal Housing Authority.

For similar loans backed by the FHA, interest rates fell from 4.16 percent to 4.15 percent, with points sliding from 0.44 to 0.27.

For so-called jumbo loans of $417,000 or more, average interest rates fell from 4.51 percent to 4.43 percent, with points rising from 0.15 to 0.26.

Average rates for 15-year, fixed-rate contracts fell from 3.53 percent to 3.51 percent and points on those loans fell from 0.31 point to 0.3, the MBA said.

Average rates for short-term loans with adjustable rates were unchanged at 3.25 percent for the second consecutive week. Points for short-term loans fell from 0.32 to 0.26, the association said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
2
Slovakia sees Russian gas volumes drop Slovakia sees Russian gas volumes drop
3
Greenpeace puts more pressure on LEGO Greenpeace puts more pressure on LEGO
4
Iran could retool pipeline for Pakistan Iran could retool pipeline for Pakistan
5
Ground broken on Azeri gas pipeline for Europe Ground broken on Azeri gas pipeline for Europe
Trending News
Video
x
Feedback