MBA Mortgage Applications Move Lower in Week Ending Feb. 27

Weekly mortgage applications in the United States declined in the week ending Feb. 27, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday.

The MBA reported a 12.6% week-over-week decrease in applications. In the previous week, applications were down 15.1%.

The portion of fixed-rate mortgages fell 12.9%, after declining 15.3% previously, while those opting for variable rates rose 2.7% after the previous week's 3.5% decrease.

Compared to last year, the market composite index fell 6.8%.

The average loan size was $222.5k, compared to previous week's $220.6k.

The average interest rate for a 30-year fixed-rate mortgage moved up to 5.14% from 5.07%.

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009