U.S. mortgage volume decreases on the week

WASHINGTON, May 21 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling a seasonally adjusted 7.8 percent over a week earlier, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, was 621.6 compared to 674.7 a week earlier, the Mortgage Bankers Association said in a news release Wednesday.

The Refinance Index fell 8.7 percent to 2,210.5 from 2,422.1 the previous week, the MBA said.

The average interest rate for 30-year fixed-rate mortgages rose from 5.82 percent to 5.9 percent, the organization reported. For a 15-year fixed-rate mortgage, the rate rose to 5.42 percent from 5.38 percent.

The average interest rate for one-year adjustable rate mortgages increased to 6.71 percent from 6.6 percent.