U.S. mortgage applications gain in week

WASHINGTON, Aug. 6 (UPI) -- The volume of applications for U.S. mortgages increased last week, gaining by a seasonally adjusted 2.8 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, was 432.6 in the week ending Aug 1, compared to 420.8 a week earlier, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index rose to 1,121.8 from the previous week's index of 1,074.4, a 4.4-percent increase, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages fell slightly, down to 6.41 percent from 6.46 percent with points falling from 1.16 to 1.13, the organization reported.

Rates for 15-year, fixed-rate mortgage gained slightly from 5.98 percent to 6.02 percent. Points in 15-year, fixed-rate mortgages fell, however, from 1.18 to 1.02.

The average interest rate for one-year adjustable rate mortgages fell from 7.25 percent with an average 0.39 points to 7.17 percent with an average 0.36 points, the report said.