Freddie Mac said the average rate on 30-year fixed-rate mortgages increased from 8.15% last week to 8.18% for the week ended Jan. 14.

In the 15-year sector, fixed-rate mortgages increased to 7.78% from the prior week's 7.73%. A year ago, the rate was 6.48%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.61%, up from last week's average of 6.60%. A year ago, this rate was 5.61%.

Refi Index Increases

The MBAA refinancing index increased to 350.8 for the week ending Jan. 14, down from 302.9 the previous week.

Mortgage loan applications increased 39.9% from the prior week and refinancings made up 23.2% of the total volume, increasing from last week's 22.4%.

Meanwhile, the MBA's home purchase index increased to 254.6 from 238.0 the prior week. Base period for all indexes, 3/16/90=100.

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