WASHINGTON (UPI) — U.S. mortgage activity slipped in the week ending Friday, a correction in part due to the previous week’s hurricane-related spike in the data.
The volume of mortgage applications declined 2.2 percent after jumping 12.6 percent in the previous week.
Refinancing activity for the current week dropped 3 percent, the Mortgage Bankers Association said Wednesday.
In the week that ended Friday, interest rates for 30-year, fixed-rate conforming mortgages rose from 3.52 percent to 3.54 percent with points falling from 0.41 to 0.4.
The average interest rate for 30-year contracts on jumbo loans — those larger than $417,500 — fell from 3.83 percent to 3.76 percent with points also falling from 0.41 to 0.4.
Interest rates for 15-year, fixed-rate mortgages rose from 2.88 percent to 2.89. Points for 15-year, fixed-rate contracts fell from 0.37 to 0.25.
The average rate for 30-year loans backed by the Federal Housing Administration rose from 3.34 percent to 3.36 percent with points falling from 0.78 to 0.63. Average rate for short-term, adjustable-rate mortgages rose from 2.6 percent to 2.62 percent in the week with points increasing from 0.3 to 0.37, the MBA said.