Weekly mortgage applications in the United States ended their five-week winning streak in the reference week April 10, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday. The MBA reported an 11.0% week-over-week decrease in applications.
In the previous week, applications increased by 4.7%.
The portion of fixed-rate mortgages fell 10.9%, after rising 4.7% previously, while those opting for variable rates declined 14.8% after the previous week's 6.6% increase.
Compared to last year, the market composite index rose 45.6%.
The average loan size was $224.8k, compared to the previous week's $229.3k.
The average interest rate for a 30-year fixed-rate mortgage moved down to 4.70% from 4.73%.
By Erik Kevin Franco
©CEP News Ltd. 2009