Weekly mortgage applications in the United States rose in the week ending Dec. 12, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 2.9% week-over-week increase in applications.

In the previous week, applications fell by 4.7%.

The portion of fixed-rate mortgages rose 2.9%, after falling 4.4% previously, while those opting for variable rates fell 1.3% after the previous week's 21.4% decrease.

Compared to last year, the market composite index rose 37.2%.

The average loan size was $243.3k, matching the previous week's $243.3k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.18% from 5.44%.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008