WASHINGTON (UPI) — U.S. mortgage applications fell 7.1 percent in the week ending Friday with interest rates mixed, the Mortgage Bankers Association in Washington said.
U.S. mortgage applications rose, while the trade group’s Refinancing Index fell 8 percent from the previous week.
“Refinance volume fell last week due largely to a fall-off in refinance applications for government loans, which had more than doubled the prior week,” MBA Vice President of Research and Economics Michael Fratantoni said in a statement.
“The large swings in activity were due to the implementation of Federal Housing Administration’s new premiums on streamline refinances, and borrowers timing their applications to lower their premiums,” he said.
In the week, interest rates for 30-year, fixed-rate conforming mortgages fell from 3.87 percent to 3.88 percent, with average points falling from 0.49 to 0.4.
Interest rates for 15-year, fixed-rate contracts fell from 3.25 percent to 3.24 percent.
Points for 15-year loans fell from 0.45 to 0.44.