Weekly mortgage applications in the United States rose in the week ending Jan. 30, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported an 8.6% week-over-week increase in applications.

In the previous week, applications were down 38.8%.

The portion of fixed-rate mortgages rose 9.0%, after declining 39.3% previously, while those opting for variable rates pulled back 5.7% after the previous week's 6.0% decrease.

Compared to last year, the market composite index fell 26.9%.

The average loan size was $232.0k, compared to previous week's $226.6k.

The average interest rate for a 30-year fixed-rate mortgage moved up to 5.28% from 5.22%.

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009