WASHINGTON, Feb. 8 (UPI) — The Mortgage Bankers Association said U.S. mortgage activity rose 7.5 percent in the week ending Friday, as long-term interest rates hit record lows.
Interest rates for 30-year, fixed-rate conforming mortgages fell from 4.09 percent to 4.05 percent with average points rising from 0.41 to 0.44.
The MBA said interest rates for the 30-year, fixed-rate conforming loans were at an all-time low for the history of its weekly survey.
Rates for 15-year, fixed-rate contracts also declined to lows for the survey’s history. Rates fell from 3.36 percent to 3.33 percent. Points for 15-year loans fell from 0.41 to 0.37.
Along with the MBA’s Mortgage Index, the Refinancing Index also rose, climbing 9.4 percent compared to the previous week.