Mortgage Activity Up With Rates Down
WASHINGTON (UPI) — The Mortgage Bankers Association said U.S. mortgage activity rose 1.3 percent in the week ended Friday with interest rates falling on long-term loans.
The trade group’s Refinancing Index also rose slightly, rising 2 percent, the MBA said.
Interest rates for 30-year, fixed-rate conforming mortgages fell from 3.91 percent to 3.87 percent with average points at 0.46, unchanged from the previous week.
That is the lowest rate in the history of the survey, the MBA said.
Also dropping to a record low, rates for 15-year, fixed-rate contracts fell from 3.23 percent to 3.2 percent.
Points for 15-year loans rose from 0.39 to 0.46.
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