Mortgage Activity Down Slightly

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WASHINGTON, Aug. 24 (UPI) — The Mortgage Bankers Association said U.S. mortgage activity fell in the week ending Friday as interest rates rose.

Interest rates for 30-year, fixed-rate mortgages rose from 4.32 percent to 4.39 percent with points rising from 0.86 to 0.88. Rates for 15-year, fixed-rate contracts rose from 3.47 percent to 3.56 percent with points falling from 1.08 to 1, the association said.

The banking group said its weekly mortgage activity index fell 2.4 percent, while the refinancing index fell 1.7 percent.

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