MBA Mortgage Applications Move Down in Week Ending Sept. 19
Weekly mortgage applications in the United States decreased in the week ending Sept. 19, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 10.6% week-over-week rise in applications.
In the previous week, applications rose by 33.4%.
The portion of fixed-rate mortgages fell 10.7%, after increasing 36.7%, previously, while those opting for variable rates contracted 9.4% after the previous week's 16.7% decrease.
Compared to last year, the market composite index fell 9.3%.
The average loan size was $238.1k, compared to previous week's $235.0k.
The average interest rate for a 30-year fixed-rate mortgage moved down to 6.08% from 5.82%.
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008