Mortgage applications drop in week

WASHINGTON, Nov. 19 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 6.2 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, fell 6.2 percent from 425 to 398.6 in the week ending Nov. 14, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index increased, however, up 2.6 percent to 1,281.2, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages decreased from 6.24 percent to 6.16 percent with points increasing from 1.17 to 1.24, the organization said.

Rates for the average 15-year, fixed-rate mortgage decreased from 5.9 percent to 5.87 percent. Points in 15-year, fixed-rate mortgages rose from 1.12 to 1.24.

The average interest rate for one-year adjustable rate mortgages increased from 6.77 percent with an average 0.43 points to 6.8 percent with 0.63 points, the report said.