The volume of applications for U.S. mortgages increased last week, rising a seasonally adjusted 10.9 percent over a week earlier, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, was 557.1 in the week ending June 6, compared to the previous week's index of 502.3, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index rose 8.4 percent to 1,6221.1 from 1,496.1 the previous week, the MBA said.

The average interest rate for 30-year fixed-rate mortgages rose from 6.17 percent to 6.24 percent, the organization reported. For a 15-year fixed-rate mortgage, the rate rose to 5.78 percent from 5.7 percent.

The average interest rate for one-year adjustable rate mortgages increased to 6.87 percent from 6.8 percent, the report said.

Copyright 2008 by United Press International


Publication date: 11 June 2008   

Source: UPI-1-20080611-10251300-bc-us-mortgageapplications.xml

Archive