Weekly mortgage applications in the United States increased in the week ending Nov. 21, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 1.5% week-over-week rise in applications.

In the previous week, applications fell by 6.2%.

The portion of fixed-rate mortgages rose 1.0% after falling 6.4% previously, while those opting for variable rates expanded 18.2% following the previous week's 3.4% increase.

Compared to last year, the market composite index fell 21.9%.

The average loan size was $223.9k compared to previous week's $223.8k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 5.99% from 6.17%.

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