Mortgage activity up nominally in week

WASHINGTON, Aug. 7 (UPI) -- Mortgage activity increased after a seven-week decline, a banking trade group said Wednesday.

The Mortgage Bankers Association said mortgage activity rose nominally, up 0.2 percent in the week that ended Friday.


In the same week, the MBA's index for refinancing activity rose 1 percent.

The organization said average interest rates for standard 30-year, fixed-rate conforming loans rose from 4.58 percent to 4.61 percent with average points for 30-year, fixed rate loans rising from 0.38 to 0.42.

For loans of more than $417,500, called jumbo loans, rates were unchanged at 4.64 percent. Points for long-term jumbo loans fell from 0.31 to 0.26.

Average rates for 30-year, fixed rate contracts backed by the Federal Housing Administration rose from 4.3 percent to 4.33 percent with points falling from 0.31 to 0.26.

The average interest rate for 15-year, fixed-rate mortgages fell from 3.67 percent to 3.66 percent. Points rose from 0.4 to 0.43 in the week.

For short-term, adjustable-rate contracts, interest rates were steady at 3.39 percent with points climbing from 0.36 to 0.37.

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