MBA Mortgage Applications Pull Back in Week Ending December 5

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Weekly mortgage applications in the United States pulled back in the week ending Dec. 5, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 7.1% week-over-week fall in applications.

In the previous week, applications rose by a whopping 112.1%.

The portion of fixed-rate mortgages fell 6.9%, after rising 115.7% previously, while those opting for variable rates fell 21.2% after the previous week's 3.9% decrease.

Compared to last year, the market composite index rose 2.2%.

The average loan size was $244.4k, compared to the previous week's $246.7k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.45% from 5.47%.

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