Weekly mortgage applications in the United States declined in the week ending July 18, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 6.2% week-over-week fall in applications.
In the previous week, applications rose by 1.7%.
The portion of fixed-rate mortgages fell 5.6%, after accelerating 2.7% previously, while those opting for variable rates fell by 12.5% after the previous week's 7.2% decrease.
Compared to last year, the market composite index fell 19.6%.
The average loan size was $221.9k, below the previous week's $222.3k level.
The average interest rate for a 30-year fixed-rate mortgage moved up to 6.59% from 6.22%.
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd.