Mortgage activity increased in week

WASHINGTON, July 8 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 10.9 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, rose from 444.8 to 493.1 in the week ending July 3, the Mortgage Bankers Association said in a release Wednesday.

The weekly report included adjusted figures to compensate for the four-day week interrupted by the Independence Day break.

The Refinance Index also increased, up 15.2 percent to 1,707.7, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages was unchanged at 5.34 percent with points rising from 1.12 to 1.13, the organization said.

Rates for the average 15-year, fixed-rate mortgage increased slightly from 4.81 percent to 4.83 percent. Points in 15-year, fixed-rate mortgages rose from 1.04 to 1.06.

The average interest rate for one-year adjustable rate mortgages rose from 6.52 percent with an average 0.13 points to 6.58 percent with 0.14 points, the report said.