Weekly mortgage applications in the United States decreased in the week ending October 31, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 20.3% week-over-week fall in applications.

In the previous week, applications rose by 16.8%.

The portion of fixed-rate mortgages fell 20.7%, after a previous 17.7% rise, while those opting for variable rates expanded 1.5% after the previous week's 15.4% decrease.

Compared to last year, the market composite index fell 43.4%.

The average loan size was $218.5k, compared to previous week's $222.6k.

The average interest rate for a 30-year fixed-rate mortgage moved up to 6.47% from 6.26%.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008