Rates Flat

Freddie Mac said the average rate on 30-year fixed-rate mortgage increased to 8.24% for the week ended March 17, up slightly from 8.23% last week.

In the 15-year sector, fixed-rate mortgages increased to 7.83% from the prior week's 7.81%. A year ago, the rate was 6.64%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.68%, unchanged from last week's average. A year ago, this rate was 5.75%.

Refi Index Decreases

The MBA refinancing index decreased to 361.8 for the week ending March 17, down from 377.5 the previous week.

Mortgage loan applications decreased 1.1% from the prior week and refinancings made up 15.9% of the total volume, increasing from last week's 16.4%.

Meanwhile, the MBA's home purchase index decreased to 290.0 from 291.7 the prior week. Base period for all indexes, 3/16/90=100.

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