Mortgage Activity Slides Slightly
June 19, 2013 by UPI - United Press International, Inc.
WASHINGTON (UPI) — U.S. mortgage application activity declined last week as interest rates were mixed, the Mortgage Bankers Association said Wednesday.
Mortgage activity involving new loans and refinancing fell 3.3 percent, the MBA said. Refinancing fell 3 percent, the trade group said.
The organization said average interest rates for standard 30-year, fixed-rate loans increased from 4.15 percent to 4.17 percent. Average points for 30-year, fixed rate loans fell from 0.48 to 0.41, the MBA said.
For loans of more than $417,500, called jumbo loans, rates fell from 4.25 percent to 4.23 percent, with points averaging 0.34.
Average rates for 30-year, fixed rate contracts backed by the Federal Housing Administration climbed from 3.81 percent to 3.85 percent with an average of 0.26 points, up slightly from the previous week.
Average interest rates for fixed-rate 15-year loans decreased to 3.32 percent to 3.3 percent with points at 0.39, the MBA said.
For short-term, adjustable-rate contracts, interest rates averaged 2.81 percent, up from 2.78 percent with points averaging 0.35.
For short-term loans, the average rate is the highest it has been since June 2012, the MBA said.