Washington - UPI
The Mortgage Bankers Association said U.S. mortgage activity fell 2.9 percent in the week ending Friday, although long-term interest rates also fell slightly. Interest rates for 30-year, fixed-rate conforming mortgages fell from 4.11 percent to 4.09 percent with average points falling from 0.47 to 0.41. Rates for 15-year, fixed-rate contracts fell from 3.4 percent to 3.36 percent. Points for 15-year loans averaged 0.41 for the week, up from 0.4 in the previous week. With rates lower, the Mortgage Index normally rises. The U.S. Federal Reserve, however, may have triggered a stall, announcing last week that the federal fund rate would likely remain at historic lows through 2014, sending rates lower, but signaling there was no hurry to buy. The Mortgage Index fell 2.9 percent in the month, while the Refinancing Index fell 3.6 percent.