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
EU demands solution to gas crisis EU demands solution to gas crisis
2
Pepsi launches stevia-sweetened soda Pepsi launches stevia-sweetened soda
3
Raytheon to supply components for Israel's Iron Dome interceptor Raytheon to supply components for Israel's Iron Dome interceptor
4
General Dynamics continues modernizing submarine combat control systems General Dynamics continues modernizing submarine combat control systems
5
Shale boom driving gas prices lower, AAA says Shale boom driving gas prices lower, AAA says
Trending News
x
Feedback