MBA Mortgage Applications Surge in Week Ending April 3

By: • Wed, Apr 8 2009, 9:32 AM

Weekly mortgage applications in the United States advanced for the fifth week in a row in the week ending April 3, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 4.7% week-over-week increase in applications.

In the previous week, applications were up 3.0%.

The portion of fixed-rate mortgages rose 4.7%, after rising 2.9% previously, while those opting for variable rates advanced 6.6% after the previous week's 11.3% increase.

Compared to last year, the market composite index rose 67.6%.

The average loan size was $229.3k, compared to previous week's $234.0k.

The average interest rate for a 30-year fixed-rate mortgage moved up to 4.73% from 4.61%.

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