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Mortgage activity slows on higher rates
WASHINGTON, -- The Mortgage Bankers Association said U.S. mortgage activity fell sharply in the latest weekly survey, following a week in which activity rose.
Long-term interest rates rose for the first time in six weeks, the MBA said.
Interest rates for 30-year, fixed-rate mortgages rose from a record low of 4.21 percent to 4.34 percent while the average for 15-year fixed-rate contracts rose from a record low 3.62 percent to 3.74 percent, the MBA said.
Average points for 30-year contracts fell 1.02 to 0.82. Points for 15-year mortgages fell from 1.06 to 1.
The MBA's Market Composite Index, indicating the volume of new mortgage activity fell 10.5 percent in the week ending Oct. 15. The Refinancing Index dropped 11.2 percent, the trade group said.
WASHINGTON, -- The Mortgage Bankers Association said U.S. mortgage activity fell sharply in the latest weekly survey, following a week in which activity rose.
Long-term interest rates rose for the first time in six weeks, the MBA said.
Interest rates for 30-year, fixed-rate mortgages rose from a record low of 4.21 percent to 4.34 percent while the average for 15-year fixed-rate contracts rose from a record low 3.62 percent to 3.74 percent, the MBA said.
Average points for 30-year contracts fell 1.02 to 0.82. Points for 15-year mortgages fell from 1.06 to 1.
The MBA's Market Composite Index, indicating the volume of new mortgage activity fell 10.5 percent in the week ending Oct. 15. The Refinancing Index dropped 11.2 percent, the trade group said.