Freddie Mac said the average rate on 30-year fixed-rate mortgage remained unchanged from last week at 8.23% for the week ended March 31.

In the 15-year sector, fixed-rate mortgages were also unchanged from the prior week at 7.84%. A year ago, the rate was 6.58%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.76%, down from last week's average of 6.78%. A year ago, this rate was 5.65%.

Refi Index Increases

The MBA refinancing index increased to 386.6 for the week ending March 31, up from 346.2 the previous week.

Mortgage loan applications increased 6.8% from the prior week and refinancings made up 15.9% of the total volume, increasing from last week's 15.2%.

Meanwhile, the MBA's home purchase index increased to 312.2 from 293.5 the prior week. Base period for all indexes, 3/16/90=100.

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