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.
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Iran Denounces U.S. Ruling to Sell Property
- Confusion, Anger as Sunken Ferry's Relatives Wait
- Nevada Range Showdown Draws Armed Supporters
- Fiat Chrysler to Build 3 Jeeps in China
- 'Beige Book' Federal Reserve Survey, April 2014: Full Text
- Report: Iran VP Says Row Over Reactor Resolved
- Ohio Couple Married 70 Years, Die 15 Hours Apart
- Putin: No Blocks to Boosting Relations With West
- NASA's Space Station Robonaut Finally Getting Legs