MBA Mortgage Applications Move Down in Week Ending Sept. 19

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Weekly mortgage applications in the United States decreased in the week ending Sept. 19, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 10.6% week-over-week rise in applications.

In the previous week, applications rose by 33.4%.

The portion of fixed-rate mortgages fell 10.7%, after increasing 36.7%, previously, while those opting for variable rates contracted 9.4% after the previous week's 16.7% decrease.

Compared to last year, the market composite index fell 9.3%.

The average loan size was $238.1k, compared to previous week's $235.0k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.08% from 5.82%.

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008