MBA Mortgage Applications Move Down in Week Ending August 22

Weekly mortgage applications in the United States increased in the week ending Aug. 22, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 0.5% week-over-week rise in applications.

In the previous week, applications also fell by 1.5%.

The portion of fixed-rate mortgages rose 0.7% following the previous 2.3% decline, while those opting for variable rates fell by 2.6% after the previous week's 7.9% increase.

Compared to last year, the market composite index fell 31.2%.

The average loan size was $216.9k, compared to previous week's $219.2k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.44% from 6.47%.

By Erik Kevin Franco and edited by Nancy Girgis