Mortgage activity slows in week

WASHINGTON, March 13 (UPI) -- U.S. mortgage activity declined last week, as long-term interest rates rose, the Mortgage Bankers Association said Wednesday.

The association said mortgage activity declined 4.7 percent from the previous week while refinancing activity dropped 5 percent in the week ending Friday.

Interest rates for 30-year, fixed-rate conforming mortgages increased from 3.7 percent to 3.81 percent during the week. Points for 30-year conforming loans were unchanged at 0.39.

The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- rose from 3.8 percent to 3.9 percent. Points for 30-year jumbo loans rose from 0.37 to 0.46.

Interest rates for 15-year, fixed-rate mortgages rose from 2.96 percent to 3.01 percent, with points falling from 0.37 to 0.33.

The average rate for 30-year loans backed by the Federal Housing Administration rose from 3.47 percent to 3.53 percent, with points rising from 0.33 to 0.38. The average rate for short-term, adjustable-rate mortgages increased in the week from 2.55 percent to 2.62 percent in the week, with points falling from 0.37 to 0.33, the MBA said.