Mortgage activity declines in week

WASHINGTON, July 1 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 18.9 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, fell from 548.2 to 444.8 in the week ending June 26, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also decreased, dropping 4.5 percent to 267.7, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages decreased from 5.44 percent to 5.34 percent with points rising from 0.99 to 1.12, the organization said.

Rates for the average 15-year, fixed-rate mortgage decreased from 4.93 percent to 4.81 percent. Points in 15-year, fixed-rate mortgages rose from 0.92 to 1.04.

The average interest rate for one-year adjustable rate mortgages fell slightly from 6.54 percent with an average 0.11 points to 6.52 percent with 0.13 points, the report said.