WASHINGTON, Aug. 17 (UPI) — The Mortgage Bankers Association said U.S. mortgage activity increased in the week ending last Friday as interest rates fell.
It was the second consecutive week mortgage activity rose due to falling interest rates.
Interest rates for 30-year, fixed-rate mortgages dropped from 4.37 percent to 4.32 percent with points falling from 1.07 to 0.87. Rates for 15-year, fixed-rate contracts, unchanged a week ago, fell from 3.52 percent to 3.47 percent with points rising 0.96 to 1.08, the association said.
The banking group said its weekly mortgage activity index rose 4.1 percent after rising 21.7 percent the previous week. The refinancing index, up 30.4 percent in the previous week, rose 8 percent this week.