Jan. 18, 2012 / 12:52 PM

Mortgage activity surges in week

A foreclosed home is seen for sale on 16th Street NW in Washington on August 22, 2010. More than 2.3 million homes have fallen into foreclosure since the recession began in later 2007, according to RealtyTrac Inc. Economists expect the number of foreclosures to grow into 2011. UPI/Kevin Dietsch

A foreclosed home is seen for sale on 16th Street NW in Washington on August 22, 2010. More than 2.3 million homes have fallen into foreclosure since the recession began in later 2007, according to RealtyTrac Inc. Economists expect the number of foreclosures to grow into 2011. UPI/Kevin Dietsch | License Photo

WASHINGTON, Jan. 18 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity rose 23.1 percent in the week ending Friday, as interest rates on long-term loans fell slightly.

Interest rates for 30-year, fixed-rate conforming mortgages fell from 4.11 percent to 4.06 percent with average points rising from 0.41 to 0.48.

Rates for 15-year, fixed-rate contracts fell from 3.4 percent to 3.33 percent. Points for 15-year loans averaged 0.39 for the week, up from 0.37 in the previous week.

With rates lower, the Mortgage Index rose, while the refinancing Index jumped 26.4 percent, the MBA said.

"Interest rates dropped last week due to continuing anxieties regarding the fragile economic situation in Europe," said Michael Fratantoni, MBA's vice president of research and economics.

"With mortgage rates reaching new lows, refinance volume jumped and MBA's refinance index reached its highest level in the last six months. Purchase activity also increased as buyers returned to the market after the holiday season," he said.

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