Mortgage Activity Drops

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WASHINGTON, Jan. 4 (UPI) — The Mortgage Bankers Association said U.S. mortgage activity fell in the final two weeks of 2011 with long-term mortgage hitting lows for the year.

Interest rates for 30-year, fixed-rate conforming mortgages dropped to 4.07 percent with points rising to 0.53 from 0.47. The trade group said the average weekly interest rate was the lowest of 2011.

Rates for 15-year, fixed-rate contracts fell from 3.39 percent to 3.36 percent, also the lowest rate of 2011. Points for 15-year loans averaged 0.71 for the week.

In the week, the Mortgage Index fell 3.7 percent, while the refinancing Index dropped 1.9 percent, the MBA said.

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