Refinancing down, mortgage activity dips

July 05, 2012 08:30AM

Mortgage activity plummeted 6.7 percent last week, due in part to fewer people applying to refinance, according to data from the Mortgage Bankers Association. During the week ending June 29, mortgage activity was at 78 percent of total applications — down 79 percent the previous week.

The average interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) fell to 4.08 percent from 4.12 percent, the second lowest 30-year jumbo rate since the association began keeping track.

For 30-year fixed-rate mortgages with conforming balances, the average rate decreased to 3.86 percent from 3.88 percent week-over-week. The interest rate for FHA-backed 30-year fixed-rate loans decreased to 3.69 percent from 3.71 percent. And 15-year fixed-rate mortgage rates are at 3.20 percent, down from 3.24 percent. — Guelda Voien