Mortgage applications rose 11.3% last week: MBA

Weekly mortgage applications in the United States advanced in the week ending March 6, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported an 11.3% week-over-week increase in applications.

In the previous week, applications were down 12.6%.

The portion of fixed-rate mortgages rose 11.3%, after declining 12.9% previously, while those opting for variable rates rose 14.4% after the previous week's 2.7% increase.

Compared to last year, the market composite index rose 5.7%.

The average loan size was $220.4k, compared to previous week's $222.5k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 4.96% from 5.14%.

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