MBA Mortgage Applications Flat in Week Ending Dec. 26

By: • Wed, Dec 31 2008, 10:57 AM

Weekly mortgage applications in the United States were flat in the week ending Dec. 26, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday.

In the previous week, applications rose by 48.0%.

The portion of fixed-rate mortgages were flat compared to a 48.4% rise the previous week, while those opting for variable rates rose 3.2% after the previous week's 10.9% increase.

Compared to last year, the market composite index rose 155.0%.

The average loan size was $247.9k, compared to the previous week's $250.9k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.03% from 5.04%.

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008