Freddie Mac said the average rate on 30-year fixed-rate mortgage increased to 8.64% for the week ended May 19, up from 8.52% last week.

In the 15-year sector, fixed-rate mortgages increased to 8.31% from the prior week's 8.17%. A year ago, the rate was 6.71%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.15%, up from last week's average of 6.96%. A year ago, this rate was 5.71%.

Refi Index Increases

The MBA refinancing index increased to 340.6 for the week ending May 19, up from 331.3 the previous week.

Mortgage loan applications decreased 4.5% from the prior week and refinancings made up 14.5% of the total volume, increasing from last week's 13.7%.

Meanwhile, the MBA's home purchase index decreased to 304.6 from 322.4 the prior week. Base period for all indexes, 3/16/90=100.

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