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.
Seattle, February 17: Starbucks Corp, the chain of coffee shops that introduced upscale coffee to the masses, said it hopes to do the same for instant coffee.
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