An industry group said on Wednesday that on a seasonally adjusted basis the volume of applications for U.S. mortgages dropped slightly in the week ending Feb. 12.

The Mortgage Bankers Association said that the Refinancing Index fell 1.2 percent while The Market Composite Index fell 2.1 percent in the week.

The organization further said that during the week, the average interest rate for 30-year, fixed-rate mortgages was unchanged at 4.94 percent with points rising 1.06 to 1.09.

While points dropped 0.95 to 1.02, rates for the average 15-year, fixed-rate mortgage were also unchanged at 4.33 percent.

The MBA also said that for one-year adjustable rate mortgages, the average terms dropped from 6.68 percent interest and 0.35 points to 6.67 percent interest with 0.32 points. (With Input from Agencies)