MBA Mortgage Applications Move Down in Week Ending July 25

Weekly mortgage applications declined in the week ending July 25, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 14.1% week-over-week fall in applications.

In the previous week, applications fell 6.2%.

The portion of fixed-rate mortgages fell 12.9%, after declining 5.6% previously, while those opting for variable rates decreased by 26.3% after the previous week's 12.5% fall.

Compared to last year, the market composite index fell 30.3%.

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

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.46% from 6.59%.

By Erik Kevin Franco and edited by Nancy Girgis