Weekly Mortgage Applications Decline Further

Weekly mortgage applications in the United States fell further in the week ending May 30, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which said applications declined by 15.3% week-over-week to the lowest levels since April 2002.

In the previous week, applications fell by 4.6%.

The portion of fixed-rate mortgages decreased 14.8% following the previous week's 3.8% decline, while those opting for variable rates declined 20.7% after the previous week's 11.2% decrease.

Compared to last year, the market composite index fell 20.3%.

The average loan size was $231.2k, above the previous week's $236.9k level.

The average interest rate for a 30-year fixed-rate mortgage moved up to 6.17% from 5.96%

By Erik Kevin Franco and edited by Nancy Girgis