Weekly mortgage applications in the United States increased in the week ending Sept. 5, according to data released from the Mortgage Bankers' Association (MBA) on Wednesday, which reported a 9.5% week-over-week rise in applications.

In the previous week, applications also rose by 7.5%.

The portion of fixed-rate mortgages rose 9.8% after increasing 9.0%, previously, while those opting for variable rates advanced 5.5% after the previous week's 9.8% decrease.

Compared to last year, the market composite index fell 24.4%.

The average loan size was $222.4k, compared to previous week's $215.6k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 6.06% from 6.39%.

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