Rates Continue Decline


Freddie Mac said the average rate on 30-year fixed-rate mortgages decreased to 7.67% for the week ended Nov. 12, down from 7.84% from the previous week.

In the 15-year sector, fixed-rate mortgages decreased to 7.30% from the prior week's 7.45%. A year ago, the rate was 6.57%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.30%, down from last week's average of 6.34%. A year ago, this rate was 5.56%.

Refi Index Increases

The Mortgage Bankers Association's refinancing index increased to 443.7 for the week ending Nov. 12, up from 415.9 the previous week.

Mortgage loan applications decreased 2.8% from the prior week and refinancings made up 23.3% of the total volume, increasing from the previous week's 21.2%.

Meanwhile, the MBA's home purchase index decreased to 268.8 from 277.7 the prior week. Base period for all indexes, March 16, 1990=100.