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)