Home loan activity in the US dipped last week and long-term interest rates were mixed, according to the Mortgage Bankers Association (MBA).
In the week ended 12 October, mortgage activity fell 4.2 percent while refinancing dropped by five percent. In contrast, the interest rate on 30-year fixed-rate loans rose to 3.57 percent from 3.56 percent in the previous week.
At the same time, the average interest rate for 30-year jumbo loans, or loans exceeding US$417,500 (S$508,849), rose to 3.81 percent from 3.74 percent.
But the interest rate for 15-year fixed-rate loans slipped from 2.88 percent to 2.87 percent, a new record-low after declining for eight straight weeks.
Meanwhile, the average rate for mortgages backed by the Federal Housing Administration (FHA) was unchanged, remaining at a historic low of 3.34 percent. The average rate on short-term loans (ARMS) also dipped to 2.59 percent from 2.6 percent, said the MBA.
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