WASHINGTON, Jan. 22 (UPI) -- U.S. mortgage activity rose a solid 4.7 percent in the week that ended Friday, as interest rates fell, the Mortgage Bankers Association said Wednesday.
The MBA said mortgage refinancing rose 10 percent in the week and made up 64 percent of all mortgage activity.
The average interest rate for 30-year fixed rate mortgages not backed by the Federal Housing Authority fell from 4.66 percent to 4.57 percent, with points increasing from 0.33 to 0.36.
For similar loans backed by the FHA, interest rates fell from 4.29 percent to 4.24 percent, the lowest rate since November. Points for these loans rose from 0.17 to 0.23.
For so-called jumbo loans of $417,000 or more, average interest rates fell from 4.58 percent to 4.57 percent, with points falling from 0.24 to 0.18.
Average rates for 15-year, fixed-rate contracts dropped from 3.72 percent to 3.68 percent, also the lowest rate since November. Points on 15-year fixed rate loans fell from 0.37 to 0.29, the MBA said.
Average rates for short-term loans with adjustable rates eased back from 3.28 percent to 3.23 percent. Points for short-term loans fell from 0.47 to 0.37, the association said.