Mortgage applications rise in week

WASHINGTON, Oct. 8 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 2.2 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, rose to 465.5 in the week ending Oct. 3, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also increased, up 0.9 percent to 1,345.8, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages decreased from 6.07 percent to 5.99 percent with points falling from 1.12 to 1.09, the organization said.

Rates for the average 15-year, fixed-rate mortgage fell from 5.82 percent to 5.71 percent. Points in 15-year, fixed-rate mortgages increased from 1.11 to 1.16.

The average interest rate for one-year adjustable rate mortgages was unchanged in the week, staying at 6.6 percent with points increasing from 0.33 points to 0.37, the report said.