According to the Mortgage Bankers Association, U.S. mortgage activity dropped in the last two weeks of 2011 with long-term mortgage reaching lows for the year.
Interest rates for 30-year, fixed-rate conforming mortgages slipped to 4.07 percent with points rising to 0.53 from 0.47.
The trade group stated that the average weekly interest rate was the lowest of 2011.
Rates for 15-year, fixed-rate contracts decreased from 3.39 percent to 3.36 percent, which is also the lowest rate of 2011.
Points for 15-year loans averaged 0.71 for the week.
In the week, the Mortgage Index dropped 3.7 percent, while the refinancing Index slipped 1.9 percent, the MBA stated.
Source: builderonline.com