MBA Mortgage Applications Move Up in Week Ending September 3

By: Jann Swanson • Wed, Sep 3 2008, 7:00 AM

Weekly mortgage applications in the United States increased in the week ending Sept. 3, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 7.5% week-over-week rise in applications.

In the previous week, applications also rose by 0.5%.

The portion of fixed-rate mortgages rose 9.0% after increasing 0.7% previously, while those opting for variable rates fell by 9.8% after the previous week's 1.6% decrease.

Compared to last year, the market composite index fell 27.0%.

The average loan size was $215.6k, compared to previous week's $216.9k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.39% from 6.44%.

By Erik Kevin Franco and edited by Nancy Girgis