Weekly mortgage applications in the United States moved higher in the week ending July 4, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 7.5% week-over-week rise in applications.

In the previous week, applications rose by 3.6%.

The portion of fixed-rate mortgages rose 5.7%, after accelerating 3.6% previously, while those opting for variable rates rose by 26.4% after the previous week's 2.9% increase.

Compared to last year, the market composite index fell 18.1%.

The average loan size was $225.4k, below the previous week's $220.4k level.

The average interest rate for a 30-year fixed-rate mortgage moved up to 6.43% from 6.33%.

by Erik Kevin Franco and edited by Cristina Markham