Mortgage applications drop in week

WASHINGTON, Sept. 24 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 10.6 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, fell from 661.7 to 591.4 in the week ending Sept. 19, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also decreased, down 11.2 percent to 2,043.4, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages increased from 5.82 percent to 6.08 percent with points staying consistent at 1.13, the organization said.

Rates for the average 15-year, fixed-rate mortgage increased from 5.54 percent to 5.84 percent. Points in 15-year, fixed-rate mortgages increased from 1.12 to 1.17.

The average interest rate for one-year adjustable rate mortgages rose from 6.95 percent with an average 0.34 points to 7.01 percent with 0.33 points, the report said.