Rates Surge

Freddie Mac said the average rate on 30-year fixed-rate mortgage increased to 8.28% for the week ended May 5, up from 8.13% last week.

In the 15-year sector, fixed-rate mortgages increased to 7.94% from the prior week's 7.79%. A year ago, the rate was 6.61%. The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.90%, up from last week's average of 6.77%. A year ago, this rate was 5.68%.

Refi Index Decreases

The MBA refinancing index decreased to 336.2 for the week ending May 5, down from 341.9 the previous week.

Mortgage loan applications decreased 0.8% from the prior week and refinancings made up 14.6% of the total volume, decreasing from last week's 14.7%.

Meanwhile, the MBA's home purchase index decreased to 299.4 from 302.8 the prior week. Base period for all indexes, 3/16/90=100.

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