Mortgage applications decline in week

WASHINGTON, June 25 (UPI) -- The volume of applications for U.S. mortgages decreased by a seasonally adjusted 9.3 percent in the week ending June 10, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, was 461.3 compared to 508.4 a week earlier, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index fell 12.1 percent to 1,212.2 from 1,378.6 the previous week, the MBA said.

The average interest rate for 30-year fixed-rate mortgages declined from 6.57 percent to 6.39 percent, the organization reported. For a 15-year fixed-rate mortgage, the rate fell to 5.95 percent from 6.14 percent.

The average interest rate for one-year adjustable rate mortgages also declined, falling from 7.22 percent to 7.09 percent.