MBA Mortgage Applications Jump in Week Ending December 19

Weekly mortgage applications in the United States rose in the week ending Dec. 19, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 48.0% week-over-week increase in applications.

In the previous week, applications advanced by 2.9%.

The portion of fixed-rate mortgages rose 10.9%, after falling 1.3% previously, while those opting for variable rates rose 48.4% after the previous week's 1.3% decrease.

Compared to last year, the market composite index rose 124.6%.

The average loan size was $250.9k, compared to previous week's $243.3k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.04% from 5.17%.

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