Freddie Mac said the average rate on 30-year fixed-rate mortgages decreased to 7.84% for the week ended Nov. 5, down from 7.96% from the previous week.

In the 15-year sector, fixed-rate mortgages decreased to 7.45% from the prior week's 7.57%. A year ago, the rate was 6.50%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.34%, down from last week's average of 6.35%. A year ago, this rate was 5.48%.

Refi Index Increases

The Mortgage Bankers Association's refinancing index increased to 415.9 for the week ending Nov. 5, up from 383.2 the previous week.

Mortgage loan applications increased 7.6% from the prior week and refinancings made up 21.2% of the total volume, increasing from the previous week's 21.1%.

Meanwhile, the MBA's home purchase index increased to 277.7 from 255.4 the prior week.

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