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Mortgage activity rises slightly
WASHINGTON, (UPI) -- The volume of applications for U.S. mortgages rose in the week ending July 2, despite increases in long-term interest rates, an industry group said Wednesday.
The Mortgage Bankers Association said its Market Composite Index increased 6.7 percent, while the Refinancing Index rose 9.2 percent on a seasonally adjusted basis in the week.
During the week, the average interest rate for 30-year, fixed-rate mortgages increased from 4.67 percent to 4.68 percent with points falling from 0.96 to 0.86.
Rates for the average 15-year, fixed-rate mortgages rose from 4.06 percent to 4.11 percent, with points for 15-year contracts falling from 0.97 to 0.93.
For one-year, adjustable-rate mortgages, the average interest rate rose from 7.05 percent to 7.2 percent with points also falling from 0.27 to 0.24, the MBA said.
WASHINGTON, (UPI) -- The volume of applications for U.S. mortgages rose in the week ending July 2, despite increases in long-term interest rates, an industry group said Wednesday.
The Mortgage Bankers Association said its Market Composite Index increased 6.7 percent, while the Refinancing Index rose 9.2 percent on a seasonally adjusted basis in the week.
During the week, the average interest rate for 30-year, fixed-rate mortgages increased from 4.67 percent to 4.68 percent with points falling from 0.96 to 0.86.
Rates for the average 15-year, fixed-rate mortgages rose from 4.06 percent to 4.11 percent, with points for 15-year contracts falling from 0.97 to 0.93.
For one-year, adjustable-rate mortgages, the average interest rate rose from 7.05 percent to 7.2 percent with points also falling from 0.27 to 0.24, the MBA said.
