Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.31% for the week ended Feb. 25, down from 8.38% last week.

In the 15-year sector, fixed-rate mortgages decreased to 7.92% from the prior week's 8.00%. A year ago, the rate was 6.51%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.73%, down from last week's average of 6.77%. A year ago, this rate was 5.71%.

Refi Index Decreases

The MBA refinancing index decreased slightly to 372.9 for the week ending Feb. 25, down from 373.1 the previous week.

Mortgage loan applications decreased 1.3% from the prior week and refinancings made up 16.7% of the total volume, decreasing from last week's 18.3%.

Meanwhile, the MBA's home purchase index increased to 291.1 from 270.8 the prior week. Base period for all indexes, 3/16/90=100.

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