Rates Decline
Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 7.54% for the week ended Dec.8, slightly down from last weeks 7.65%.
In the 15-year sector, fixed-rate mortgages were 7.19%, slightly down from the prior week's 7.35 %. A year ago, the rate was 7.45%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.21%, with an average of 0.9 point, an increase from last week's 7.24%. A year ago, this rate was 6.45%.
Refi Index Increases
The MBA refinancing index increased to 663.9 for the week ending Dec. 8, up from 576.4 the previous week.
Refinancings made up 30.1% of the total volume of mortgage loan applications, increasing from 27.9 last week.
Meanwhile, the MBA's home purchase index increased to 333.8 from last week's 307.0. Base period for all indexes, 3/16/90=100.
