Weekly mortgage applications in the United States increased in the week ending Oct. 24, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 16.8% week-over-week gain in applications.

In the previous week, applications fell by 16.8%.

The portion of fixed-rate mortgages rose 17.7%, after falling 16.7% previously, while those opting for variable rates contracted 15.4% after the previous week's 13.9% decrease.

Compared to last year, the market composite index fell 30.0%.

The average loan size was $222.6k, compared to the previous week's $220.0k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.26% from 6.28%.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008