Rates Decrease
Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 7.73% for the week ended Nov. 17, slightly down from last weeks 7.79%.
In the 15-year sector, fixed-rate mortgages were 7.41%, slightly down from the prior week's 7.44 %. A year ago, the rate was 7.31%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.25%, with an average of 0.9 point, an increase from last week's 7.23%. A year ago, this rate was 6.35%.
Refi Index increases
The MBA refinancing index increased to 690.4 for the week ending Nov. 17, up from 651.2 the previous week.
Refinancings made up 28.5% of the total volume of mortgage loan applications, increasing from last week's 27.7%.
Meanwhile, the MBA's home purchase index increased to 327.1 from 310.5 the prior week. Base period for all indexes, 3/16/90=100.
