Mortgage Activity Climbs With Rates Lower
October 30, 2013 by UPI - United Press International, Inc.
WASHINGTON, Oct. 30 (UPI) — U.S. mortgage activity jumped 6.4 percent in the week ending Friday, the Mortgage Bankers Association said Wednesday.
The MBA said mortgage refinancing activity rose 9 percent in the week with refinancing climbing to 67 percent of all mortgage activity.
Averages of interest rates for long-term loans fell during the week. Rates decreased from 4.39 percent to 4.33 percent, with points decreasing from 0.41 to 0.26 for 30-year, fixed-rate loans not backed by the Federal Housing Authority.
For similar loans backed by the FHA, interest rates fell from 4.15 percent to 4.06 percent, with points sliding from 0.27 to 0.17.
For so-called jumbo loans of $417,000 or more, average interest rates fell from 4.43 percent to 4.36 percent, with points rising from 0.26 to 0.27.
Average rates for 15-year, fixed-rate contracts fell from 3.51 percent to 3.42 percent with points on those loans unchanged at 0.3, the MBA said.
Average rates for short-term loans with adjustable rates dropped from 3.25 percent to 3.17 percent. Points for short-term loans rose from 0.26 to 0.38, the association said.