Mortgage applications up as rates dip

Washington, DC, Apr. 27 (UPI) -- U.S. mortgage applications rose 6.3 percent in the latest week ended April 22, the Mortgage Bankers Association reported Wednesday.

The group said its market composite index, which measures loan application volume, rose to 712.4 on a seasonally adjusted basis.

Lending rates fell in the latest week, with the average 30-year fixed mortgage rate falling to 5.75 percent from 5.83 percent, while the 15-year loan fell to 5.33 percent from 5.4 percent.