Rates Still Flat
Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.23% for the week ended March 24, up from 8.24% last week.
In the 15-year sector, fixed-rate mortgages increased to 7.84% from the prior week's 7.83%. A year ago, the rate was 6.61%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.78%, up from last week's average of 6.68%. A year ago, this rate was 5.69%.
Refi Index Decreases
The MBA refinancing index decreased to 346.2 for the week ending March 24, down from 361.8 the previous week.
Mortgage loan applications remained unchanged from the prior week and refinancings made up 15.2% of the total volume, decreasing from last week's 15.9%.
Meanwhile, the MBA's home purchase index decreased to 293.5 from 290.0 the prior week. Base period for all indexes, 3/16/90=100.