Weekly mortgage applications in the United States decreased in the week ending Nov. 14, according to data released from the Mortgage Bankers' Association (MBA) on Thursday, which reported an 6.2% week-over-week fall in applications.

In the previous week, applications rose by 11.9%.

The portion of fixed-rate mortgages fell 6.4%, after rising 12.0% previously, while those opting for variable rates expanded 3.4% following the previous week's 5.7% increase.

Compared to last year, the market composite index fell 41.2%.

The average loan size was $223.8k, compared to previous week's $223.1k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.16% from 6.23%.

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