Mortgage applications fell in week

WASHINGTON, Nov. 5 (UPI) -- The volume of applications for U.S. mortgages declined last week, falling by a seasonally adjusted 20.3 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, fell from 476.7 to 379.9 in the week ending Oct. 31, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also decreased, down 27.8 percent to 1,075.4, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages increased from 6.26 percent to 6.47 percent with points rising from 1.1 to 1.19, the organization said.

Rates for the average 15-year, fixed-rate mortgage increased slightly from 6.01 percent to 6.14 percent. Points in 15-year, fixed-rate mortgages rose from 1.15 to 1.22.

The average interest rate for one-year adjustable rate mortgages fell from 6.9 percent with an average 0.21 points to 6.86 percent with 0.42 points, the report said.