As long-term interest rates fell, volume of applications for U.S. mortgages rose
An industry group said on Wednesday that the volume of applications for U. S. mortgages rose last week as long-term interest rates fell.
Its Market Composite Index rose 4 percent, while the Refinancing Index fell 2.1 percent on a seasonally adjusted basis in the week ending April 30, the Mortgage Bankers Association said.
The organization further said that during the week, the average interest rate for 30-year, fixed-rate mortgages fell from 5.08 percent to 5.02 percent with points rising from 0.91 to 0.92.
Rates for the average 15-year, fixed-rate mortgage fell from 4.38 percent to 4.34 percent, with points for 15-year contracts dropping from 0.93 to 0.8.
The MBA also said that for one-year, adjustable-rate mortgages, the average interest rate remained unchanged at 7.03 percent with points falling from 0.3 to 0.28. (With Inputs from Agencies)