Weekly mortgage activity declines

WASHINGTON, March 2 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity decreased in the week ending Feb. 25, although long-term interest rates declined.

Interest rates for 30-year, fixed-rate mortgages dropped from 5 percent to 4.84 percent with points rising from 0.96 to 1.03. Rates for 15-year fixed-rate contracts fell from 4.28 percent to 4.17 percent, with points rising from 0.8 to 1.07, the MBA said.

The MBA's Market Composite Index, indicating the volume of new mortgage activity, fell 5.5 percent in the week. The Refinancing Index dropped 6.5 percent, the trade group said.