Weekly mortgage applications in the United States fell in the week ending Jan. 23, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 38.8% week-over-week decrease in applications.

In the previous week, applications were down 9.8%.

The average interest rate for a 30-year fixed-rate mortgage dropped to 5.22% from 5.24%.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2009