Weekly mortgage applications in the United States fell in the week ending Jan. 16, according to data released from the Mortgage Bankers' Association (MBA) on Thursday, which reported a 9.8% week-over-week decrease in applications.

In the previous week, applications were up 15.8%.

The portion of fixed-rate mortgages fell 10.2% after rising 15.6% previously, while those opting for variable rates advanced 28.0% after the previous week's 34.0% increase.

Compared to last year, the market composite index rose 23.1%.

The average loan size was $234.7k, compared to the previous week's $238.2k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.24% from 5.41%.

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