Mortgage applications stable for week

WASHINGTON, Dec. 31 (UPI) -- The volume of applications for U.S. mortgages was essentially unchanged last week, the Mortgage Bankers Association said.

The Market Composite Index, which measures mortgage loan application volume, rose from 1,245.4 to 1,245.7 in the week ending Dec. 26, the industry group said.

The Refinance Index fell slightly, down 0.4 percent to 6,733.8, the MBA said.

The average interest rate for the average 30-year, fixed-rate mortgage decreased from 5.04 percent to 5.03 percent with points rising from 1.17 to 1.24, the organization said.

Rates for the average 15-year, fixed-rate mortgage also fell, dropping from 4.91 percent to 4.79 percent. Points in 15-year, fixed-rate mortgages rose from 1.03 to 1.26.

The average interest rate for one-year adjustable rate mortgages fell from 6.36 percent with an average 0.28 points to 6.15 percent with 0.44 points, the report said.