Rates at 7.42%

Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 7.42% for the week ended Dec.15, down from last weeks 7.54%.

In the 15-year sector, fixed-rate mortgages were 7.11%, down from the prior week's 7.19%. A year ago, the rate was 7.47%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.05%, with an average of 1.0 point, a decrease from last week's 7.21%. A year ago, this rate was 6.96%.

Refi Index Increases

The MBA refinancing index increased to 758.4 for the week ending Dec. 15, up from 663.9 the previous week.

Refinancings made up 33.1% of the total volume of mortgage loan applications, increasing from 30.1 last week.

Meanwhile, the MBA's home purchase index increased to 344.8 from last week's 333.8. Base period for all indexes, 3/16/90=100.

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