MBA Mortgage Applications Move Down in Week Ending Sept. 26
Weekly mortgage applications in the United States decreased in the week ending Sept. 26, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 23.0% week-over-week decline in applications.
In the previous week, applications fell by 10.6%.
The portion of fixed-rate mortgages fell 22.5%, after declining 10.7%, previously, while those opting for variable rates contracted 36.2% after the previous week's 9.4% decrease.
Compared to last year, the market composite index fell 28.4%.
The average loan size was $227.0k, compared to previous week's $238.1k.
The average interest rate for a 30-year fixed-rate mortgage moved down to 6.07% from 6.09%.
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008