According to the Mortgage Bankers Association, U.S. mortgage activity increased 12.8 percent with long-term mortgage interest rates falling.
Interest rates for 30-year, fixed-rate mortgages dropped from 4.21 percent to 4.18 percent with points decreasing from 0.49 to 0.48, the trade group stated.
Rates for 15-year, fixed-rate contracts went from 3.58 percent to 3.53 percent with points unchanged at 0.45.
The association stated that its weekly refinancing index also increased, rising by 15.3 percent.
Michael Fratantoni, MBA’s vice president of research and economics, stated "Coming out of the Thanksgiving holiday, applications increased significantly as mortgage rates dropped to their lowest levels in about two months."
Source: builderonline.com