MBA says mortgage activity rose 1.8 percent

MBA says mortgage activity rose 1.8 percent, refinancing 3 percent
WASHINGTON, May 1 () -- U.S. mortgage activity rose modestly last week as long-term interest rates were mostly lower, the Mortgage Bankers Association said Wednesday.The association said mortgage activity rose 1.8 percent in the week, while refinancing activity rose 3 percent from the previous week.Interest rates for 30-year,[url=http://www.supratksocietyvip.com/]cheap supra shoes[/url], fixed-rate conforming mortgages decreased from 3.65 percent to 3.6 percent during the week,[url=http://www.smislam.com/]Christian Louboutin Men[/url], the lowest rate since December 2012. Points for 30-year conforming loans fell from 0.41 to 0.3.The average interest rate for 30-year contracts on jumbo loans -- larger than $417,500 -- rose from 3.75 percent to 3.8 percent. Points for 30-year jumbo loans fell from 0.37 to 0.29.Interest rates for 15-year, fixed-rate mortgages fell from 2.89 percent to 2.84 percent, with points dropping from 0.4 to 0.26.The average rate for 30-year loans backed by the Federal Housing Administration fell from 3.37 percent to 3.34 percent with points rising from 0.64 to 0.37. The average rate for short-term, adjustable-rate mortgages dropped in the week from 2.62 percent to 2.55 percent, with points rising from 0.21 to 0.22, the MBA said.

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