Weekly mortgage applications in the United States increased in the week ending Oct. 3, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported a 2.2% week-over-week rise in applications.

In the previous week, applications fell by 23.0%.

The portion of fixed-rate mortgages rose 2.4%, after declining 22.5%, previously, while those opting for variable rates contracted 3.6% after the previous week's 52.5% decrease.

Compared to last year, the market composite index fell 28.6%.

The average loan size was $223.4k, compared to previous week's $237.0k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.99% from 6.07%.

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008