WASHINGTON, Jan. 3 (UPI) -- U.S. mortgage activity fell sharply in the final two weeks of 2012, the Mortgage Bankers Association said Thursday.
Mortgage activity fell 21.6 percent from the week ending Dec. 14 to
the week ending Dec. 28, the association said. Refinancing activity
dropped 23.3 percent over the same period.
For the week ending Friday, interest rates for 30-year, fixed-rate
conforming mortgages rose from 3.51 percent to 3.52 percent. Points for
30-year conforming loans rose from 0.45 to 0.48.
The average interest rate for 30-year contracts on jumbo loans --
those larger than $417,500 -- fell from 3.77 percent to 3.75 percent,
matching an all-time low for the survey. Points for 30-year jumbo loans
fell from 0.32 to 0.3.
Interest rates for 15-year, fixed-rate mortgages rose from 2.84 percent to 2.86 percent with points rising from 0.21 to 0.27.
The average rate for 30-year loans backed by the Federal Housing
Administration fell from 3.35 percent to 3.34 percent with points rising
from 0.58 to 0.61. Average rate for short-term, adjustable-rate
mortgages fell from 2.66 percent to 2.65 percent in the week with points
rising from 0.33 to 0.42, the MBA said.
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