Mortgage activity rises in week

WASHINGTON, Nov. 4 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 8.2 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, rose in the week ending Oct. 30, the Mortgage Bankers Association said in a release Wednesday. The Refinance Index rose 14.5 percent, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages decreased from 5.04 percent to 4.97 percent with points dropping from 1.25 to 1.01, the organization said.

Rates for the average 15-year, fixed-rate mortgage fell from 4.53 percent to 4.33 percent. Points in 15-year, fixed-rate mortgages rose from 0.78 to 1.33.

The average interest rate for one-year adjustable rate mortgages rose from 6.79 percent with an average 0.29 points to 6.83 percent with 0.31 points, the report said.