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Drones over U.S. may pose security risks
WASHINGTON, May 13 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 8.6 percent, an industry group said.
The Market Composite Index, which measures mortgage loan application volume, fell from 979.7 to 895.6 in the week ending May 8, the Mortgage Bankers Association said in a release Wednesday.
The Refinance Index also declined, dropping 11.2 percent to 4,588.6, the MBA said.
The average interest rate for 30-year, fixed-rate mortgages decreased from 4.79 percent to 4.76 percent with points rising from 1.17 to 1.18, the organization said.
Rates for the average 15-year, fixed-rate mortgage decreased from 4.57 percent to 4.5 percent. Points in 15-year, fixed-rate mortgages increased from 1.07 to 1.08.
The average interest rate for one-year adjustable rate mortgages increased from 6.36 percent with an average 0.12 points to 6.41 percent with 0.11 points, the report said.
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