The Market Composite Index, which measures mortgage loan application volume, fell from 548.2 to 444.8 in the week ending June 26, the Mortgage Bankers Association said in a release Wednesday.
The Refinance Index also decreased, dropping 4.5 percent to 267.7, the MBA said.
The average interest rate for 30-year, fixed-rate mortgages decreased from 5.44 percent to 5.34 percent with points rising from 0.99 to 1.12, the organization said.
Rates for the average 15-year, fixed-rate mortgage decreased from 4.93 percent to 4.81 percent. Points in 15-year, fixed-rate mortgages rose from 0.92 to 1.04.
The average interest rate for one-year adjustable rate mortgages fell slightly from 6.54 percent with an average 0.11 points to 6.52 percent with 0.13 points, the report said.
Copyright 2009 by United Press International.
Mortgage Rates
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