Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 7.85% for the week ended October 15, up from 7.70% from the previous week.

In the 15-year sector, fixed-rate mortgages increased to 7.45% from the prior week's 7.43%. A year ago, the rate was 6.58%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.31, also up from last week's average of 6.27 percent. A year ago, this rate was 5.35 percent.

Refi Index Drops

The Mortgage Bankers Association's refinancing index decreased to 412.2 for the week ending October 15, down from 414.6 the previous week.

Mortgage loan applications decreased 7.1% from the prior week and refinancings made up 21.7% of the total volume, decreasing from the previous week's 20.3%.

Meanwhile, the MBA's home purchase index decreased to 262.7 from 288.8 the prior week.

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