Weekly mortgage applications in the United States rose in the week ending Dec. 19, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 48.0% week-over-week increase in applications.

In the previous week, applications advanced by 2.9%.

The portion of fixed-rate mortgages rose 10.9%, after falling 1.3% previously, while those opting for variable rates rose 48.4% after the previous week's 1.3% decrease.

Compared to last year, the market composite index rose 124.6%.

The average loan size was $250.9k, compared to previous week's $243.3k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.04% from 5.17%.

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