MBA Mortgage Applications Move Lower in Week Ending Feb 27

(CEP News) - 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, which 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, efranco@economicnews.ca

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Posted in Categories: Economy, Eurozone, Housing, Releases, USA.

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