Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 8.38% for the week ended Feb. 18 from 8.36% last week.
In the 15-year sector, fixed-rate mortgages increased to 8.00% from the prior week's 7.96%. A year ago, the rate was 6.46%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.77%, up from last week's average of 6.73%. A year ago, this rate was 5.67%.
Refi Index Decreases
The MBA refinancing index decreased to 373.1 for the week ending Feb. 18, up from 436.7 the previous week.
Mortgage loan applications decreased 8.6% from the prior week and refinancings made up 18.3% of the total volume, decreasing from last week's 19.6%.
Meanwhile, the MBA's home purchase index decreased to 270.8 from 307.1 the prior week. Base period for all indexes, 3/16/90=100.
