Freddie Mac said the average rate on 30-year fixed-rate mortgage increased to 8.21% for the week ended July 21, up from 8.09% last week.

In the 15-year sector, fixed-rate mortgages increased to 7.93%, up from the prior week's 7.80%. A year ago, the rate was 7.16%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.32%, up from last week's average of 7.22%. A year ago, this rate was 5.97%.

Refi Index Increases

The MBA refinancing index increased to 371.9 for the week ending July 21, down 335.4 from the previous week.

Mortgage loan applications increased 11.1% from the prior week and refinancings made up 15.2% of the total volume, decreasing from last week's 15.3%.

Meanwhile, the MBA's home purchase index increased to 331.2 from 298.0 the prior week. Base period for all indexes, 3/16/90=100.

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