Mortgage activity fell slightly in week

In the week ending Aug. 7, the four-week rolling average of the Market Composite Index, which measures mortgage loan application volume, dropped 0.7 percent, the Mortgage Bankers Association said in a release Wednesday.

The refinance share of mortgage activity also dropped, falling from 54.2 percent of total mortgage activity to 52.3 percent, the association said.

The average interest rate for 30-year, fixed-rate mortgages increased from 5.17 percent to 5.38 percent with points rising from 1.02 to 1.18, the organization said.

Rates for the average 15-year, fixed-rate mortgage increased slightly from 4.6 percent to 4.71 percent. Points in 15-year, fixed-rate mortgages rose from 1 to 1.2.

The average interest rate for one-year adjustable rate mortgages rose from 6.67 percent with an average 0.09 points to 6.71 percent with 0.08 points, the report said.

Copyright 2009 by United Press International.