Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 7.96% for the week ended October 29, up from 7.93% from the previous week.

In the 15-year sector, fixed-rate mortgages increased to 7.57% from the prior week's 7.53%. A year ago, the rate was 6.48%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.35, up from last week's average of 6.30 percent. A year ago, this rate was 5.42%.

Refi Index Drops

The Mortgage Bankers Association's refinancing index decreased to 383.2 for the week ending October 22, down from 396.3 the previous week.

Mortgage loan applications increased 3.0% from the prior week and refinancings made up 21.1% of the total volume, increasing from the previous week's 20.2%.

Meanwhile, the MBA's home purchase index decreased to 255.4 from 277.3 the prior week.

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