Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.23% for the week ended Mar. 10, down from 8.27% last week.

In the 15-year sector, fixed-rate mortgages decreased to 7.81% from the prior week's 7.84%. A year ago, the rate was 6.75%.

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 5.74%.

Refi Index Increases

The MBA refinancing index increased to 377.5 for the week ending Mar. 10, up from 346.6 the previous week.

Mortgage loan applications increased 18.2% from the prior week and refinancings made up 16.4% of the total volume, increasing from last week's 16.0%.

Meanwhile, the MBA's home purchase index increased to 291.7 from 278.4 the prior week. Base period for all indexes, 3/16/90=100.

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