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.