WASHINGTON, Jan. 11 (UPI) — The Mortgage Bankers Association said U.S. mortgage activity rose in the week ending Friday, despite slightly higher interest rates on long-term loans.
Interest rates for 30-year, fixed-rate conforming mortgages increased from 4.07 percent to 4.11 percent with points falling from 0.53 from 0.41.
Rates for 15-year, fixed-rate contracts rose from 3.37 percent to 3.4 percent. Points for 15-year loans averaged 0.72 for the week, up from 0.71 in the previous week.
The Mortgage Index rose, anyway, climbing 4.5 percent, while the refinancing Index rose 3.3. percent, the MBA said.
The rise may simply be an indication of normal business conditions returning after the recent holiday season.