Mortgage applications increased last week

WASHINGTON, July 9 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising a seasonally adjusted 7.5 percent over a week earlier, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, was 513.4 for the week ending July 4, compared to 477.7 a week earlier, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index increased 8.7 percent to 1,379 from 1,269.3 the previous week, the MBA said.

The average interest rate for 30-year fixed-rate mortgages rose to 6.43 percent from 6.33 percent, the organization reported. For a 15-year fixed-rate mortgage, the rate rose to 5.94 percent from 5.9 percent.

The average interest rate for one-year adjustable rate mortgages increased to 7.24 percent from 7.14 percent.