Mortgage applications decline in week

WASHINGTON, Aug. 29 (UPI) -- U.S. mortgage applications fell in the week despite declines in interest rates for long-term contracts, the Mortgage Bankers Association said Wednesday.

The trade group said mortgage applications fell 4.3 percent week to week. The trade group's Refinancing Index fell 6 percent from the previous week to the lowest level since early May, the association said.

In the week, interest rates for 30-year, fixed-rate conforming mortgages fell from 3.865 percent to 3.8 percent with points unchanged at 0.42.

The average interest rate for 15-year fixed-rate mortgages also fell, dropping from 3.15 percent to 3.12 percent, with points unchanged at 0.44 in the week.