Mortgage activity declined in week

WASHINGTON, May 27 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 14.2 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, fell from 915.9 to 786 in the week ending May 22, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also fell, dropping 18.9 percent to 3,890.4, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages increased from 4.69 percent to 4.81 percent with points rising from 1.13 to 1.28, the organization said.

Rates for the average 15-year, fixed-rate mortgage remained unchanged at 4.44 percent. Points in 15-year, fixed-rate mortgages rose from 1.01 to 1.16.

The average interest rate for one-year adjustable rate mortgages rose from 6.38 percent with an average 0.1 points to 6.55 percent with 0.12 points, the report said.