Mortgage activity slows in week

WASHINGTON, Oct. 24 (UPI) -- U.S. mortgage activity fell last week as long term interest rates were mostly higher, the Mortgage Bankers Association said Wednesday.

In the week that ended Friday, U.S. mortgage activity fell 12 percent and refinancing fell 13 percent, the MBA said.

Interest rates for 30-year, fixed-rate conforming mortgages rose from 3.57 percent to 3.63 percent with points rising from 0.44 to 0.45.

The average interest rate for 30-year contracts on jumbo loans -- loans larger than $417,500 -- rose from 3.81 percent to 3.85 percent, rising off a record low for the survey.

Points for 30-year jumbo loans remained at 0.42.

Interest rates for 15-year, fixed-rate mortgages rose from 2.87 percent to 2.96 percent, rising after eight consecutive weeks. Points for 15-year, fixed rate contracts fell from 0.39 to 0.36.

The average rate for 30-year loans backed by the Federal Housing Administration rose from 3.34 percent, an historic low, to 3.41 percent, while the average rate for short-term adjustable rate mortgages rose from 2.59 percent to 2.72 percent in the week, the MBA said.