MBA Mortgage Applications Climbs 2.9%

Weekly mortgage applications in the United States rose in the week ending May 9, according to data from the Mortgage Bankers' Association (MBA) on Wednesday, which said applications increased by 2.9%.

In the previous week, applications rebounded 15.6%.

The portion of fixed-rate mortgages increased 1.2% following the previous week's 14.5% decline, while those opting for variable rates increased 25.6% after the previous week's 32.7% increase.

Compared to last year, the market composite index fell 1.1%.

The average loan size was $232.3k, above the previous week's $230.9k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.82% from 5.90%.

By Erik Kevin Franco and edited by Cristina Markham