MBA Mortgage Applications Move Lower in Week Ending October 31

Weekly mortgage applications in the United States decreased in the week ending October 31, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 20.3% week-over-week fall in applications.

In the previous week, applications rose by 16.8%.

The portion of fixed-rate mortgages fell 20.7%, after a previous 17.7% rise, while those opting for variable rates expanded 1.5% after the previous week's 15.4% decrease.

Compared to last year, the market composite index fell 43.4%.

The average loan size was $218.5k, compared to previous week's $222.6k.

The average interest rate for a 30-year fixed-rate mortgage moved up to 6.47% from 6.26%.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008