Mortgage Applications And Rates Steady

0 Shares

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.

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.

Join the Discussion

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.