Weekly mortgage applications in the United States rebounded in the week ending Aug. 1, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 2.8% week-over-week rise in applications.
In the previous week, applications fell by 14.1%.
The portion of fixed-rate mortgages rose 3.3% after declining 12.9% previously, while those opting for variable rates fell by 2.9% following the previous week's 26.3% decrease.
Compared to last year, the market composite index fell 33.7%.
The average loan size was $219.8k, down from the previous week's $221.9k.
The average interest rate for a 30-year fixed-rate mortgage moved down to 6.41% from 6.46%.
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd.