Rates Continue Climb


Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 7.84% for the week ended Dec. 3, up from 7.75% from the previous week.

In the 15-year sector, fixed-rate mortgages increased to 7.46% from the prior week's 7.36%. A year ago, the rate was 6.37%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.49%, up from last week's average of 6.45%. A year ago, this rate was 5.52%.

Refi Index Decreases

The Mortgage Bankers Association's refinancing index decreased to 418.0 for the week ending Dec. 3, down from 481.8 the previous week.

Mortgage loan applications decreased 37.3% from the prior week and refinancings made up 22.5% of the total volume, decreasing from the previous week's 23.2%.

Meanwhile, the MBA's home purchase index decreased to 298.9 from 315.7 the prior week. Base period for all indexes, March 16, 1990=100.