Refinancing down for sixth week

WASHINGTON, Conn., March 28 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity fell in the week ending Friday with refinancing down for the sixth consecutive week.

The trade group's Refinancing Index dropped 4.6 percent from the previous week and is 24.2 percent lower than its 2012 peak, which came in February.

The Market Composite Index, measuring long-term loan application volumes, fell 2.7 percent during the week, as interest rates rose.

Interest rates for 30-year, fixed-rate conforming mortgages climbed from 4.19 percent to 4.23 percent with average points falling from 0.47 to 0.45.

Rates for 15-year, fixed-rate contracts rose from 3.47 percent to 3.5 percent. Points for 15-year loans rose from 0.4 to 0.42.