The volume of applications for U.S. mortgages declined last week, falling by a seasonally adjusted 23 percent, an industry group said.

The Market Composite Index, which measures mortgage loan application volume, fell from 591.4 to 455.4 in the week ending Sept. 26, the Mortgage Bankers Association said in a release Wednesday.

The Refinance Index also decreased, down 34.7 percent to 1,333.9, the MBA said.

The average interest rate for 30-year, fixed-rate mortgages decreased from 6.08 percent to 6.07 percent with points falling from 1.13 to 1.12, the organization said.

Rates for the average 15-year, fixed-rate mortgage fell from 5.84 percent to 5.82 percent. Points in 15-year, fixed-rate mortgages fell from 1.17 to 1.11.

The average interest rate for one-year adjustable rate mortgages increased from 7.01 percent with an average 0.33 points to 7.19 percent with 0.24 points, the report said. (c) UPI