Weekly mortgage applications in the United States fell further in the week ending June 6, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which reported that applications increased by 10.6% week-over-week.
In the previous week, applications fell by 15.3%.
The portion of fixed-rate mortgages increased 8.9% following the previous week's 14.8% decline, while those opting for variable rates rose 31.9% after the previous week's 20.7% decrease.
Compared to last year, the market composite index fell 16.5%.
The average loan size was $229.3k, below the previous week's $231.2k level.
The average interest rate for a 30-year fixed-rate mortgage moved up to 6.24% from 6.17%.
By Erik Kevin Franco and edited by Stephen Huebl