New Delhi, Jan. 21 -- American real estate equities rose on Wednesday, buoyed by declining mortgage rates and a significant uptick in loan applications throughout the previous week.

According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on Wednesday, mortgage applications in the US jumped 14.1% for the week ending January 16. The data revealed that the average contract interest rate for a 30-year fixed-rate mortgage decreased slightly to 6.16%, down from 6.18% the week before.

The Market Composite Index - a metric tracking the total volume of mortgage loan applications - grew by 14.1% on a seasonally adjusted basis compared to the prior week. On an unadjusted basis, this index saw a 17% increa...