Mortgage activity jumps in week

WASHINGTON, June 13 (UPI) -- The Mortgage Bankers Association said Wednesday U.S. mortgage activity reached its highest level since 2009 in the week that ended Friday.

Mortgage activity rose 18 percent in the week with interest rates on long-term loans increasing slightly.

Interest rates for 30-year, fixed-rate conforming mortgages rose from 3.87 percent to 3.88 percent with average points falling from 0.46 to 0.43.

The interest rate from the previous week, 3.87 percent, is the lowest rate in the history of the survey, the MBA said.

Also rising from a record low, rates for 15-year, fixed-rate contracts rose from 3.2 percent to 3.23 percent.

Points for 15-year loans rose from 0.46 to 0.48.

The trade group said it was also a busy week for refinancing with their refinancing index up 19 percent from the previous week.