MBA Mortgage Applications Spike Sharply Higher

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Weekly mortgage applications in the United States increased sharply in the week ending Nov. 28, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 112.1% week-over-week rise in applications.

In the previous week, applications rose by 1.5%.

The portion of fixed-rate mortgages rose 115.5%, after rising 1.0%, previously, while those opting for variable rates fell 3.9% after the previous week's 18.2% decrease.

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

The average loan size was $223.9k, slightly higher than the previous week's $223.8k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.47% from 5.98%.

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