Mortgage activity declined for the sixth consecutive week last week despite falling interest rates, a banking trade group said Wednesday.
The Mortgage Bankers Association said mortgage activity fell 1.2 percent in the week ending Friday.
In the same week, the MBA's index for refinancing activity dropped 1 percent.
The organization said average interest rates for standard 30-year, fixed-rate conforming loans fell from 4.68 percent to 4.58 percent with average points for 30-year, fixed rate loans dropping from 0.42 to 0.4.
For loans of more than $417,500, called jumbo loans, rates fell from 4.81 percent to 4.66 percent. Points for long-term jumbo loans rose from 0.4 to 0.41.
Average rates for 30-year, fixed rate contracts backed by the Federal Housing Administration fell from 4.38 percent to 4.28 percent with points rising from 0.22 to 0.33.
The average interest rate for 15-year, fixed-rate mortgages decreased from 3.7 percent to 3.63 percent. Points declined from 0.38 to 0.35 in the week.
For short-term, adjustable-rate contracts, interest rates fell from 3.39 percent to 3.3 percent with points dropping from 0.37 to 0.34.
Most Popular Stories
- 2016 Camaro Shrinks, Moves to Caddy Platform
- Eric Garcia Appointed as Revenue Chief
- Tablets, Cars Drive AT&T Gains
- More Hispanic Voters May Not Mean More Clout
- Stocks Subdued After Gains Earlier in Week
- New Effort to Ban Child Labor From Tobacco Farms
- Apple Pay Debuts With Few Issues
- Government: 500 Million Records Stolen in 12 Months
- Pistorius Gets 5-year Sentence in Shooting Death
- Mom Makes Toys R Us Pull 'Breaking Bad' Dolls