MBA Mortgage Applications Fall 7.8% in Week Ending May 16

Weekly mortgage applications in the United States fell in the week ending May 16, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which said applications declined by 7.8% week-over-week.

In the previous week, applications rose by 2.9%.

The portion of fixed-rate mortgages decreased 9.5% following the previous week's 1.2% decline, while those opting for variable rates rose 10.3% after the previous week's 25.6% increase.

Compared to last year, the market composite index fell 10.1%.

The average loan size was $233.8k, above the previous week's $232.3k level.

The average interest rate for a 30-year fixed-rate mortgage moved up to 5.90% from 5.82%

By Erik Kevin Franco and edited by Nancy Girgis