MBA Mortgage Applications Decline in Week Ending June 13

Weekly mortgage applications in the United States fell further in the week ending June 13, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which reported that applications fell by 8.8% week-over-week.

In the previous week, applications increased by 10.9%.

The portion of fixed-rate mortgages declined 8.2% following the previous week's 8.9% rise, while those opting for variable rates fell by 14.1% after the previous week's 31.9% pickup.

Compared to last year, the market composite index fell 21.3%.

The average loan size was $225.3k, below the previous week's $229.3k level.

The average interest rate for a 30-year fixed-rate mortgage moved up to 6.57% from 6.24%.

By Erik Kevin Franco and edited by Cristina Markham