U.S. mortgage activity rises 2.7 percent

U.S. mortgage activity rose 2.7 percent last week, according to data from the Mortgage Bankers Association through March 18. Both applications for refinancing and purchases were up by 2.7 percent week-over-week, with refinancing constituting 66.4 percent of all residential mortgage applications nationwide. Interest rates remained relatively constant, with the 30-year fixed-rate mortgage seeing a slight rate increase, to 4.8 percent from 4.79 percent one week earlier, and the 15-year mortgage seeing a decline, to 4.02 percent from 4.03 percent in the week prior. TRD