WASHINGTON, July 27 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity declined in the week ending last Friday as interest rates rose.
Interest rates for 30-year, fixed-rate mortgages rose from 4.54 percent to 4.57 percent with points increasing from 0.98 to 1.14. Rates for 15-year, fixed-rate contracts rose from 3.66 percent to 3.67 percent with points rising from 0.97 to 1.08, the association said.
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The banking group said its weekly mortgage activity index fell 4.9 percent, while the refinancing Index dropped 5.5 percent.