Freddie Mac said the average rate on 30-year fixed-rate mortgages remained unchanged from last week at 7.84% for the week ended Dec. 10.
In the 15-year sector, fixed-rate mortgages decreased slightly to 7.45% from the prior week's 7.46%. A year ago, the rate was 6.34%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.45%, down from last week's average of 6.49%. A year ago, this rate was 5.53%.
Refi Index Decreases
The Mortgage Bankers Association's refinancing index decreased to 386.4 for the week ending Dec. 10, down from 418.0 the previous week.
Mortgage loan applications increased 31.9% from the prior week and refinancings made up 22.5% of the total volume, remaining the same from last week.
Meanwhile, the MBA's home purchase index decreased to 287.9 from 298.9 the prior week. Base period for all indexes, March 16, 1990=100.
