Washington -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 6.2 percent, an industry group said.
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The Market Composite Index, which measures mortgage loan application volume, fell 6.2 percent from 425 to 398.6 in the week ending Nov. 14, the Mortgage Bankers Association said in a release Wednesday.
The Refinance Index increased, however, up 2.6 percent to 1,281.2, the MBA said.
The average interest rate for 30-year, fixed-rate mortgages decreased from 6.24 percent to 6.16 percent with points increasing from 1.17 to 1.24, the organization said.
Rates for the average 15-year, fixed-rate mortgage decreased from 5.9 percent to 5.87 percent. Points in 15-year, fixed-rate mortgages rose from 1.12 to 1.24.
The average interest rate for one-year adjustable rate mortgages increased from 6.77 percent with an average 0.43 points to 6.8 percent with 0.63 points, the report said.
Copyright 2008 by United Press International.
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