Freddie Mac said the average rate on 30-year fixed-rate mortgage increased to 7.79% for the week ended Nov. 10, slightly higher than last weeks 7.73%.
In the 15-year sector, fixed-rate mortgages were 7.44%, slightly up from the prior week's 7.41 %. A year ago, the rate was 7.30%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.23%, with an average of 1.0 point, an increase from last week's 7.12%. A year ago, this rate was 6.30%.
Refi Index Slides
The MBA refinancing index decreased to 651.2 for the week ending Nov. 10, up from 654.6 the previous week.
Refinancings made up 27.7% of the total volume of mortgage loan applicatons, increasing from last week's 27.8%.
Meanwhile, the MBA's home purchase index increased to 310.5 from 304.6 the prior week. Base period for all indexes, 3/16/90=100.
