Mortgage activity increased in week

WASHINGTON, May 20 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 2.3 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, rose from 895.6 to 915.9 in the week ending May 15, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also increased, up 4.5 percent to 4,794.4, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages decreased from 4.76 percent to 4.69 percent with points falling from 1.18 to 1.13, the organization said.

Rates for the average 15-year, fixed-rate mortgage decreased from 4.5 percent to 4.44 percent. Points in 15-year, fixed-rate mortgages fell from 1.08 to 1.01.

The average interest rate for one-year adjustable rate mortgages fell from 6.41 percent with an average 0.11 points to 6.38 percent with 0.1 points, the report said.