WASHINGTON, Dec. 7 (UPI) — The Mortgage Bankers Association said U.S. mortgage activity rose 12.8 percent in the week ended Friday with long-term mortgage interest rates falling.
Interest rates for 30-year, fixed-rate mortgages fell from 4.21 percent to 4.18 percent with points dropping from 0.49 to 0.48, the trade group said.
Rates for 15-year, fixed-rate contracts were fell from 3.58 percent to 3.53 percent with points unchanged at 0.45.
The association said its weekly refinancing index also rose, climbing by 15.3 percent.
“Coming out of the Thanksgiving holiday, applications increased significantly as mortgage rates dropped to their lowest levels in about two months,” said Michael Fratantoni, MBA’s vice president of research and economics.