MBA Mortgage Applications Move Higher in Week Ending January 9

Weekly mortgage applications in the United States rose in the week ending Jan. 9, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 15.8% week-over-week increase in applications.

In the previous week, applications were down 8.2%.

The portion of fixed-rate mortgages rose 15.6%, after falling 8.3% previously, while those opting for variable rates advanced 34.0% after the previous week's 4.9% increase.

Compared to last year, the market composite index rose 52.4%.

The average loan size was $238.2k, compared to previous week's $231.3k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 4.89% from 5.07%.

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