MBA Mortgage Applications Move Down in Week Ending July 18

Weekly mortgage applications in the United States declined in the week ending July 18, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 6.2% week-over-week fall in applications.

In the previous week, applications rose by 1.7%.

The portion of fixed-rate mortgages fell 5.6%, after accelerating 2.7% previously, while those opting for variable rates fell by 12.5% after the previous week's 7.2% decrease.

Compared to last year, the market composite index fell 19.6%.

The average loan size was $221.9k, below the previous week's $222.3k level.

The average interest rate for a 30-year fixed-rate mortgage moved up to 6.59% from 6.22%.

By Erik Kevin Franco and edited by Stephen Huebl