Mortgage Activity Drops


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.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.