Weekly mortgage applications in the United States increased in the week ending Nov. 7, according to data released from the Mortgage Bankers' Association (MBA) on Thursday, which reported an 11.9% week-over-week gain in applications.
In the previous week, applications fell by 20.3%.
The portion of fixed-rate mortgages rose 12.0%, after falling 20.7% previously, while those opting for variable rates expanded 5.7% after the previous week's 1.5% increase.
Compared to last year, the market composite index fell 40.0%.
The average loan size was $223.1k, compared to previous week's $218.5k.
The average interest rate for a 30-year fixed-rate mortgage moved down to 6.24% from 6.47%.
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008