WASHINGTON, March 7 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity fell 1.2 percent in the week ending Friday, despite marginally lower interest rates.
Interest rates for 30-year, fixed-rate conforming mortgages fell from 4.07 percent to 4.06 percent with average points falling from 0.51 to 0.5.
Rates for 15-year, fixed-rate contracts were unchanged at 3.36. Points for 15-year loans held steady at 0.38.
Along with the MBA's Mortgage Index, the Refinancing Index also decreased, dropping 2 percent compared with the previous week.