Weekly Mortgage Applications Decline 4.6%

Weekly mortgage applications in the United States fell in the week ending May 23, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which said applications declined by 4.6% week-over-week.

In the previous week, applications fell by 7.8%.

The portion of fixed-rate mortgages decreased 3.8% following the previous week's 9.5% decline, while those opting for variable rates declined 11.2% after the previous week's 10.3% increase.

Compared to last year, the market composite index fell 7.5%.

The average loan size was $236.9k, above the previous week's $233.8k level.

The average interest rate for a 30-year fixed-rate mortgage moved up to 5.96% from 5.82%

By Erik Kevin Franco and edited by Nancy Girgis