Mortgage activity down slightly

WASHINGTON, Jan. 29 (UPI) -- U.S. mortgage activity was little changed in the week that ended Friday, the Mortgage Bankers Association said Wednesday.

The MBA said mortgage activity dropped 0.2 percent, while refinancing fell a relatively mild 2 percent in the week.

Refinancing fell from 64 percent to 62 percent of all mortgage activity.

Averages of interest rates for 30-year fixed rate mortgages not backed by the Federal Housing Authority fell from 4.57 percent to 4.52 percent, with points increasing from 0.36 to 0.4.

For similar loans backed by the FHA, interest rates fell from 4.24 percent to 4.18 percent, with points rising from 0.23 to 0.33.

For so-called jumbo loans of $417,000 or more, average interest rates fell from 4.57 percent to 4.47 percent, with points rising from 0.18 to 0.27.

Average rates for 15-year, fixed-rate contracts dropped from 3.68 percent to 3.59 percent with points on those loans falling from 0.29 to 0.26, the MBA said.

Average rates for short-term loans with adjustable rates rose from 3.23 percent to 3.25 percent. Points for short-term loans fell from 0.37 to 0.33, the association said.