Mortgage Activity Falls Slightly

Mortgage activity continues to slow slightly, falling for the sixth consecutive week. According to the Mortgage Bankers Association, mortgage activity dropped 1.2% last week while interest rates also fell. The average 30-year, fixed rate conforming loans fell around 0.10% while the points for 30-year, fixed rate loans slid down from 0.42 to 0.4. Jumbo loan rates fell approximately 0.14% while points for long-term jumbo loans jumped to 0.41 from 0.4. Additionally, the interest rate on a 15-year, fixed-rate mortgage fell from 3.7% to 3.63% and the interest rate for short term, adjustable-rate contracts also decreased from 3.39% to 3.3%. More here

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