MBA Mortgage Applications Move Down in Week Ending Sept. 26

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Weekly mortgage applications in the United States decreased in the week ending Sept. 26, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 23.0% week-over-week decline in applications.

In the previous week, applications fell by 10.6%.

The portion of fixed-rate mortgages fell 22.5%, after declining 10.7%, previously, while those opting for variable rates contracted 36.2% after the previous week's 9.4% decrease.

Compared to last year, the market composite index fell 28.4%.

The average loan size was $227.0k, compared to previous week's $238.1k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.07% from 6.09%.

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