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Mortgage rates hit MBA survey lows
U.S. mortgage activity fell slightly in the week ending Friday despite interest rates hitting 22-year lows, the Mortgage Bankers Association said Wednesday.
The trade group said mortgage activity fell 0.2 percent from the previous week, although refinancing activity rose 1 percent from the previous week.
Mortgage activity was flat despite interest rates reaching lows for the history of the survey, the MBA said.
The trade group has been conducting its weekly survey since 1990. It covers 75 percent of all U.S. retail residential mortgage applications. Respondents to the survey are mortgage lenders, including banks and thrifts.
In the week ending Friday, interest rates for 30-year, fixed-rate conforming mortgages fell from 3.75 percent to 3.72 percent with points rising from 0.44 to 0.45.
The average interest rate for 30-year contracts on jumbo loans — loans larger than $417,500 — did not hit a record low, but fell from 4 percent to 3.99 percent with points rising from 0.3 to 0.35.
Loans for 15-year fixed-rate mortgages reached a record 3.03 percent, dropping from 3.07 percent. Points for 15-year, fixed rate contracts rose from 0.38 to 0.39.
Copyright 2012 by United Press International