The Real Deal Miami

Mortgage applications down

September 25, 2008 12:34PM

Mortgage applications declined 10.6 percent last week as mortgage rates increased. The average rate for a 30-year fixed-rate mortgage increased from 5.82 two weeks ago to 6.08 last week, according to the Mortgage Bankers Association. The average rate for 15-year fixed-rate mortgages went from 5.54 percent to 5.84 percent.