Washington -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 1.5 percent, an industry group said.
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The Market Composite Index, which measures mortgage loan application volume, rose from 398.6 to 404.4 in the week ending Nov. 21, the Mortgage Bankers Association said in a release Wednesday.
The Refinance Index decreased in the week, down 2.1 percent to 1,254, the MBA said.
The average interest rate for 30-year, fixed-rate mortgages decreased from 6.16 percent to 5.99 percent with points falling from 1.24 to 1.23, the organization said.
Rates for the average 15-year, fixed-rate mortgage fell from 5.87 percent to 5.78 percent. Points in 15-year, fixed-rate mortgages increased from 1.24 to 1.29.
The average interest rate for one-year adjustable rate mortgages increased from 6.8 percent with an average 0.63 points to 6.87 percent with 0.64 points, the report said.
Copyright 2008 by United Press International.
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