Weekly mortgage applications in the United States decreased in the week ending Oct. 17, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 16.6% week-over-week fall in applications.
In the previous week, applications rose by 5.1%.
The portion of fixed-rate mortgages fell 16.4%, after rising 4.9% previously, while those opting for variable rates contracted 13.9% after the previous week's 15.6% increase.
Compared to last year, the market composite index fell 44.0%.
The average loan size was $220.0k, compared to the previous week's $227.3k.
The average interest rate for a 30-year fixed-rate mortgage moved down to 6.28% from 6.47%.
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008