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U.S. markets recover from steep losses
WASHINGTON, Dec. 9 (UPI) -- The volume of applications for U.S. mortgages rose 8.5 percent in a week on a seasonally adjusted basis, an industry group said Wednesday.
Both the Market Composite Index and the Refinancing Index increased in the week ending Dec. 4, the Mortgage Bankers Association said.
The average interest rate for 30-year, fixed-rate mortgages rose from 4.79 percent to 4.88 percent with points increasing from 1 to 1.17, the organization said.
Rates for the average 15-year, fixed-rate mortgage increased from the lowest rate since MBA began tracking the data, 4.27 percent, to 4.33 percent. Points in 15-year, fixed-rate mortgages fell from 1.33 to 1.02.
The average interest rate for one-year adjustable rate mortgages fell slightly from 6.56 percent with an average 0.34 points to 6.55 percent with 0.38 points, the report said.
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