Weekly mortgage applications in the United States advanced for the fourth week in a row in the reference week March 27, according to data released by the Mortgage Bankers' Association (MBA) on Wednesday. The MBA reported a 3.0% week-over-week increase in applications.

In the previous week, applications were up 32.2%.

The portion of fixed-rate mortgages rose 2.9%, after rising 33.0% previously. Meanwhile those opting for variable rates advanced 11.3% after the prior week's 7.7% decrease.

Compared to last year, the market composite index rose 68.8%.

The average loan size was $234.0k, compared to previous week's $231.5k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 4.61% from 4.64%.

By Erik Kevin Franco
©CEP News Ltd. 2009