Mortgage applications rose during week

WASHINGTON, July 2 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising a seasonally adjusted 3.6 percent over a week earlier, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, was 477.7 for the week ending June 27, compared to 461.3 a week earlier, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index increased 4.7 percent to 2,269.2 from 1,212.2 the previous week, the MBA said.

The average interest rate for 30-year fixed-rate mortgages fell slightly from 6.39 percent to 6.33 percent, the organization reported. For a 15-year fixed-rate mortgage, the rate fell to 5.9 percent from 5.95 percent.

The average interest rate for one-year adjustable rate mortgages increased to 7.14 percent from 7.09 percent.