WASHINGTON (UPI) — The Mortgage Bankers Association said U.S. mortgage activity rose 9.2 percent in the week ended Friday with interest rates hitting record lows.
The trade group’s Refinancing Index also rose significantly, up 13 percent, the MBA said.
Interest rates for 30-year, fixed-rate conforming mortgages fell from 4.01 percent to 3.96 percent with average points falling from 0.41 to 0.37.
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 3.29 percent to 3.26 percent — setting a record for the third consecutive week.
Points for 15-year loans fell from 0.32 to 0.41.