WASHINGTON, Sept. 4 (UPI) -- U.S. mortgage activity rose in the week as interest rates on a variety of long-term loans fell, the Mortgage Bankers Association said Wednesday.
Mortgage applications rose by 1.3 percent on an unadjusted basis in the week that ended Friday, the MBA said.
The MBA said refinancing activity rose 2 percent from the previous week and mortgage activity rose after falling for eight of the past 10 weeks.
Average interest rates for 30-year, fixed-rate loans with balances under $417,500, fell from 4.8 to 4.73 percent with points dropping from 0.41 to 0.33 in the week.
Interest rates for jumbo loans -- those $417,500 or larger -- fell from 4.78 percent to 4.71 percent, with points falling from 0.34 to 0.25.
Average interest rates on 30-year, fixed-rate mortgages backed by the Federal Housing Administration fell from 4.52 percent to 4.48 percent with points falling from 0.32 to 0.03.
The average interest rate for 15-year, fixed-rate loans dropped from 3.84 percent to 3.75 percent with points falling from 0.35 to 0.3.
For short-term adjustable rate loans, the average interest rate fell from 3.5 percent to 3.49 percent with points unchanged at 0.37.