Rates at 7.65%
Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 7.65% for the week ended Dec.1, slightly down from last week's 7.73%.
In the 15-year sector, fixed-rate mortgages were 7.35%, slightly down from the prior week's 7.41 %. A year ago, the rate was 7.84%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.24%, with an average of 0.9 point, an increase from last week's 7.28%. A year ago, this rate was 6.49%.
Refi Index Falls
The MBA refinancing index decreased to 576.4 for the week ending Dec. 1, down from 602.7 the previous week.
Refinancings made up 27.9% of the total volume of mortgage loan applications, remaining the same as last week.
Meanwhile, the MBA's home purchase index also remained the same as last week's 307. Base period for all indexes, 3/16/90=100.