Arab Today, arab today us mortgage activity up as rates drop
Last Updated : GMT 13:27:39
Arab Today, arab today
Arab Today, arab today

US mortgage activity up as rates drop

Arab Today, arab today

Arab Today, arab today US mortgage activity up as rates drop

Washington - UPI

U.S. mortgage activity rose last week, as long-term interest rates dropped, the Mortgage Bankers Association said Wednesday. The association said mortgage activity rose 4.8 percent in the week, while refinancing activity rose 5 percent. Interest rates for 30-year, fixed-rate conforming mortgages decreased from 3.68 percent to 3.67 percent during the week. Points for 30-year conforming loans rose from 0.43 to 0.5. The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- fell from 3.79 percent to 3.77 percent. Points for 30-year jumbo loans fell from 0.36 to 0.27. Interest rates for 15-year, fixed-rate mortgages fell from 2.92 percent to 2.91 percent, with points holding steady at 0.34. The average rate for 30-year loans backed by the Federal Housing Administration fell from 3.43 percent to 3.37 percent with points rising from 0.52 to 0.55. The average rate for short-term, adjustable-rate mortgages decreased in the week from 2.58 percent to 2.57 percent in the week, with points falling from 0.37 to 0.29, the MBA said.

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