According to UPI.com, the amount of mortgage applications fell by around 12% in the United States last week. The Mortgage Bankers Association made the announcement at the end of last week, and also reported that the Refinance Index fell by over 16%.
The average interest rate for 30-year, fixed-rate mortgages decreased from 5.07 percent to 5.04 percent with points rising from 1.13 to 1.25, the organization said.
Rates for the average 15-year, fixed-rate mortgage increased slightly from 4.51 percent to 4.53 percent. Points in 15-year, fixed-rate mortgages fell from 0.96 to 0.78.
The average interest rate for one-year adjustable rate mortgages fell from 6.86 percent with an average 0.31 points to 6.79 percent with 0.29 points, the report said.