Mortgage applications drop in week

WASHINGTON, Dec. 10 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 7.1 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, fell from 857.7 to 796.8 in the week ending Dec. 5, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also fell 17.4 percent to 298.1, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages decreased from 5.47 percent to 5.45 percent with points rising from 1.16 to 1.23, the organization said.

Rates for the average 15-year, fixed-rate mortgage also fell slightly, falling from 5.13 percent to 5.09 percent with points dropping from 1.28 to 1.26.

The average interest rate for one-year adjustable rate mortgages rose, climbing from 6.61 percent with an average 0.52 points to 6.76 percent with 0.26 points, the report said.