Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.27% for the week ended Mar. 3, down from 8.31% last week.

In the 15-year sector, fixed-rate mortgages decreased to 7.84% from the prior week's 7.92%. A year ago, the rate was 6.70%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.68%, down from last week's average of 6.73%. A year ago, this rate was 5.74%.

Refi Index Increases

The MBA refinancing index increased to 346.6 for the week ending Mar. 3, up from 335.6 the previous week.

Mortgage loan applications decreased 3.1% from the prior week and refinancings made up 16.0% of the total volume, decreasing from last week's 16.7%.

Meanwhile, the MBA's home purchase index increased to 278.4 from 262.4 the prior week. Base period for all indexes, 3/16/90=100.

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