MBA Mortgage Applications Move Higher in Week Ending Jan. 30

Weekly mortgage applications in the United States rose in the week ending Jan. 30, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported an 8.6% week-over-week increase in applications.

In the previous week, applications were down 38.8%.

The portion of fixed-rate mortgages rose 9.0%, after declining 39.3% previously, while those opting for variable rates pulled back 5.7% after the previous week's 6.0% decrease.

Compared to last year, the market composite index fell 26.9%.

The average loan size was $232.0k, compared to previous week's $226.6k.

The average interest rate for a 30-year fixed-rate mortgage moved up to 5.28% from 5.22%.

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009