MBA Mortgage Applications Decline in Week Ending June 20

Weekly mortgage applications in the United States fell further in the week ending June 20, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which reported that applications fell by 9.3% week-over-week.

In the previous week, applications fell by a revised 8.7%.

The portion of fixed-rate mortgages declined 8.1%, matching the previous week's 8.1% rise, while those opting for variable rates fell by 20.6% after the previous week's 14.0% decline.

Compared to last year, the market composite index fell 25.3%.

The average loan size was $221.6k, below the previous week's $225.3k level.

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.39% from 6.56%.

By Erik Kevin Franco and edited by Cristina Markhama