Washington -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 11.3 percent, an industry group said.
The Market Composite Index, which measures mortgage loan application volume, rose from 649.7 to 723.4 in the week ending March 6, the Mortgage Bankers Association said in a release Wednesday.
The Refinance Index also increased, up 13.3 percent to 3,470.7, the MBA said.
The average interest rate for 30-year, fixed-rate mortgages decreased from 5.14 percent to 4.96 percent with points rising from 1.05 to 1.16, the organization said.
Rates for the average 15-year, fixed-rate mortgage fell from 4.73 percent to 4.54 percent. Points in 15-year, fixed-rate mortgages rose from 1.13 to 1.2.
The average interest rate for one-year adjustable rate mortgages rose from 6.13 percent with an average 0.18 points to 6.21 percent with 0.16 points, the report said.
San Diego, February 9: California Bank & Trust (CB&T) officials announced today that the bank has decided to acquire the banking operations, including all of the deposits, of Alliance Bank in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC).
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