Weekly mortgage applications in the United States fell in the week ending Aug. 8, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 1.5% week-over-week decline in applications.
In the previous week, applications rose by 2.8%.
The portion of fixed-rate mortgages dropped by 2.0% after rising 3.3% previously, while those opting for variable rates grew by 5.1% following the previous week's 2.9% decrease.
Compared to last year, the market composite index fell 36.9%.
The average loan size was $216.7k, down from the previous week's $219.8k reading.
The average interest rate for a 30-year fixed-rate mortgage rose to 6.57% from the previous week's 6.40% figure.
By Steve Stecyk and edited by Nancy Girgis
©CEP News Ltd.