Weekly mortgage applications in the United States declined in the week ending Feb. 27, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday.
The MBA reported a 12.6% week-over-week decrease in applications. In the previous week, applications were down 15.1%.
The portion of fixed-rate mortgages fell 12.9%, after declining 15.3% previously, while those opting for variable rates rose 2.7% after the previous week's 3.5% decrease.
Compared to last year, the market composite index fell 6.8%.
The average loan size was $222.5k, compared to previous week's $220.6k.
The average interest rate for a 30-year fixed-rate mortgage moved up to 5.14% from 5.07%.
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009