MBA Mortgage Applications Move Down in Week Ending January 2

Weekly mortgage applications in the United States fell in the week ending Jan. 2, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported an 8.2% week-over-week decrease in applications.

In the previous week, applications were flat.

The portion of fixed-rate mortgages declined 8.3%, after coming in flat previously, while those opting for variable rates advanced 4.9% following the previous week's 3.2% increase.

Compared to last year, the market composite index rose 28.3%.

The average loan size was $231.3k, compared to previous week's $247.9k.

The average interest rate for a 30-year fixed-rate mortgage moved up to 5.07% from 5.03%.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2009