Washington -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 3.5 percent, an industry group said.
In the week ending Aug. 7, the four-week rolling average of the Market Composite Index, which measures mortgage loan application volume, dropped 0.7 percent, the Mortgage Bankers Association said in a release Wednesday.
The refinance share of mortgage activity also dropped, falling from 54.2 percent of total mortgage activity to 52.3 percent, the association said.
The average interest rate for 30-year, fixed-rate mortgages increased from 5.17 percent to 5.38 percent with points rising from 1.02 to 1.18, the organization said.
