MBA Mortgage Applications Move Higher in Week Ending December 12

Weekly mortgage applications in the United States rose in the week ending Dec. 12, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 2.9% week-over-week increase in applications.

In the previous week, applications fell by 4.7%.

The portion of fixed-rate mortgages rose 2.9%, after falling 4.4% previously, while those opting for variable rates fell 1.3% after the previous week's 21.4% decrease.

Compared to last year, the market composite index rose 37.2%.

The average loan size was $243.3k, matching the previous week's $243.3k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.18% from 5.44%.

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