Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 7.73% for the week ended Nov. 3, slightly higher than last week's 7.68%.

In the 15-year sector, fixed-rate mortgages were 7.41%, slightly up from the prior week's 7.36 %. A year ago, the rate was 7.45%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.12%, with an average of 0.9 point, a slight decrease from last week's 7.22%. A year ago, this rate was 6.34%.

Refi Index Increases

The MBA refinancing index increased to 654.6 for the week ending Nov. 3, up from 587.2 the previous week.

Refinancings made up 27.8% of the total volume of mortgage loan applications, increasing from last week's 25.9%.

Meanwhile, the MBA's home purchase index increased to 304.6 from 298.6 the prior week. Base period for all indexes, 3/16/90=100.

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