Mortgage applications rise in week

Washington -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 1.5 percent, an industry group said.

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.