Mortgage Applications And Rates Steady
November 28, 2012 by UPI - United Press International, Inc.
WASHINGTON (UPI) — U.S. mortgage activity slipped in the week ending Friday, a correction in part due to the previous week’s hurricane-related spike in the data.
The volume of mortgage applications declined 0.9 percent, while refinancing activity for the current week dropped 2 percent, the Mortgage Bankers Association said Wednesday.
In the week that ended Friday, interest rates for 30-year, fixed-rate conforming mortgages fell from 3.54 percent to 3.53 percent with points unchanged at 0.4.
The average interest rate for 30-year contracts on jumbo loans — those larger than $417,500 — fell from 3.76 percent to 3.75 percent with points also falling from 0.4 to 0.31.
Interest rates for 15-year, fixed-rate mortgages held at 2.89 percent with points rising from 0.25 to 0.35.
The average rate for 30-year loans backed by the Federal Housing Administration was unchanged at 3.36 percent with points rising from 0.63 to 0.65. Average rate for short-term, adjustable-rate mortgages fell from from 2.62 percent to 2.6 percent in the week with points steady at 0.37, the MBA said.