Weekly mortgage applications declined in the week ending July 25, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 14.1% week-over-week fall in applications.
In the previous week, applications fell 6.2%.
The portion of fixed-rate mortgages fell 12.9%, after declining 5.6% previously, while those opting for variable rates decreased by 26.3% after the previous week's 12.5% fall.
Compared to last year, the market composite index fell 30.3%.
The average loan size was $221.9k, unchanged from the previous week's level.
The average interest rate for a 30-year fixed-rate mortgage moved down to 6.46% from 6.59%.
By Erik Kevin Franco and edited by Nancy Girgis**CEP**