MBA Mortgage Applications Move Higher

Weekly mortgage applications in the United States increased in the week ending Nov. 21, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 1.5% week-over-week rise in applications.

In the previous week, applications fell by 6.2%.

The portion of fixed-rate mortgages rose 1.0% after falling 6.4% previously, while those opting for variable rates expanded 18.2% following the previous week's 3.4% increase.

Compared to last year, the market composite index fell 21.9%.

The average loan size was $223.9k compared to previous week's $223.8k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.99% from 6.17%.

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