Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Mortgage Activity Slips On Rising Rates

WASHINGTON (UPI) — U.S. mortgage application activity declined last week as interest rates rose, the Mortgage Bankers Association said Wednesday.

Mortgage activity involving new loans dropped 3 percent and refinancing fell 5 percent, the MBA said.

The organization said average interest rates for standard 30-year, fixed-rate conforming loans increased from 4.17 percent to 4.46 percent. Average points for 30-year, fixed rate loans fell from 0.41 to 0.35, the MBA said.

For loans of more than $417,500, called jumbo loans, rates rose from 4.23 percent to 4.52 percent, the highest rates since March 2012. Points for long-term jumbo loans fell from 0.34 to 0.28.

Average rates for 30-year, fixed rate contracts backed by the Federal Housing Administration rose from 3.85 percent to 4.2 percent, the highest rate since August 2011, with points increasing from 0.22 to 0.4.

The average interest rate for 15-year fixed-rate mortgages increased from 3.3 percent to 3.55 percent, the highest rate since November 2011. Points increased to 0.43 from 0.39 in the week.

For short-term, adjustable-rate contracts, interest rates rose from 2.81 percent to 3.06 percent with points averaging 0.43, up from 0.39.

For short-term loans, the average rate is the highest it has been since October 2011, 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.

Facebook Conversations

Join the Discussion:
View Comments to “Mortgage Activity Slips On Rising Rates”

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.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.