U.S. mortgage applications up last week

WASHINGTON, July 16 (UPI) -- The volume of applications for U.S. mortgages increased last week, gaining by a seasonally adjusted 1.7 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, was 522.2 in the week ending July 11, compared to 513.4 a week earlier, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index increased to 1,474.9, up 6.9 percent from the previous week's index of 1,379.3, the MBA said.

The average interest rate for 30-year fixed-rate mortgages fell slightly, down to 6.22 percent from 6.43 percent with points increasing from 1.06 to 1.21, the organization reported.

Rates for 15-year fixed-rate mortgage also fell, declining from 5.94 percent to 5.74 percent.

The average interest rate for one-year adjustable rate mortgages fell to 7.16 percent from 7.24 percent, the report said.