Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 7.83% for the week ended September 3, up from the previous week's rate of 7.80%.

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 6.51%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.18%, decreasing from the previous week's average of 6.22%. A year ago, that rate was 5.51%.

MBA "Refi" Index Increases

The Mortgage Bankers Association's refinancing index increased to 456.4 for the week ended September 3, up from 440.4 the previous week.

Mortgage loan applications increased 4.5% from the prior week and refinancings made up 21% of the total volume, down from 21.2% the week before.

Meanwhile, the MBA's home purchase index increased to 289.5 from 271.0 the prior week.

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