Mortgage activity slows with rates up and down

WASHINGTON, Nov. 20 (UPI) -- U.S. mortgage activity dropped 2.3 percent in the week ending Friday, the Mortgage Bankers Association said Wednesday.

The MBA said mortgage refinancing activity fell 7 percent in the week with refinancing falling from 67 percent to 64 percent of all mortgage activity.

Averages of interest rates for long-term loans were mixed. Rates rose from 4.44 percent to 4.46 percent, with points decreasing from 0.44 to 0.38 for 30-year, fixed-rate loans not backed by the Federal Housing Authority.

For similar loans backed by the FHA, interest rates fell from 4.16 percent to 4.14 percent, with points sliding from 0.32 to 0.25.

For so-called jumbo loans of $417,000 or more, average interest rates fell from 4.48 percent to 4.47 percent, with points falling from 0.34 to 0.22.

Average rates for 15-year, fixed-rate contracts held at 3.52 percent with points on those loans rising from 0.27 to 0.33, the MBA said.

Average rates for short-term loans with adjustable rates rose from 3.11 percent to 3.12 percent. Points for short-term loans rose from 0.27 to 0.37, the association said.