Weekly mortgage applications in the United States advanced in the week ending March 6, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported an 11.3% week-over-week increase in applications.

In the previous week, applications were down 12.6%.

The portion of fixed-rate mortgages rose 11.3%, after declining 12.9% previously, while those opting for variable rates rose 14.4% after the previous week's 2.7% increase.

Compared to last year, the market composite index rose 5.7%.

The average loan size was $220.4k, compared to previous week's $222.5k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 4.96% from 5.14%.

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