WASHINGTON, April 25 (UPI) -- The Mortgage Bankers Association said U.S. mortgage activity dropped in the week ending Friday, despite dropping interest rates.
Mortgage activity fell 3.8 percent in the week. The trade group's Refinancing Index also fell 2.1 percent from the previous week.
Interest rates for 30-year, fixed-rate conforming mortgages fell from 4.05 percent to 4.04 percent with average points dropping from 0.45 to 0.4.
Rates for 15-year, fixed-rate contracts fell from 3.33 percent to 3.32 percent. Points for 15-year loans were unchanged at 0.41.
The average interest rates for both the 30-year and 15-year fixed-rate loans are the lowest on record, the MBA said.