As originationnews reports, the Mortgage Bankers Association (MBA) says refinancings the last two weeks ending Dec. 28 were at their lowest point since April, as refis dropped 21.6 percent on a seasonally-adjusted basis. The average contract interest rate for a 30-year fixed rate mortgage (FRM) increased one basis point to 3.52 percent from the week ending Dec. 21 to the week ending Dec. 28. As MHProNews has learned, the 30-year FHA-insured interest rate dropped a point to 3.34 percent. For jumbo 30-year FRMs, the average contract rate fell two points to 3.75; for 15-year FRMs it rose two points to 2.86 percent.

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