Mortgage applications rise in week

WASHINGTON, Oct. 29 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 16.8 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, rose from 408.1 to 476.7 in the week ending Oct. 24, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also increased, up 28.5 percent to 1,489.4, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages decreased from 6.28 percent to 6.26 percent with points increasing from 1.09 to 1.1, the organization said.

Rates for the average 15-year, fixed-rate mortgage also decreased, falling from 6.05 percent to 6.01 percent. Points in 15-year, fixed-rate mortgages rose from 1.11 to 1.15.

The average interest rate for one-year adjustable rate mortgages fell from 6.97 percent with an average 0.4 points to 6.9 percent with 0.21 points, the report said.