Freddie Mac said the average rate on 30-year fixed-rate mortgage to 7.68% for the week ended Oct. 27, slightly lower than last week's 7.83%.

In the 15-year sector, fixed-rate mortgages were 7.36%, down from the prior week's 7.50%. A year ago, the rate was 7.57%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.22%, with an average of 1.0 point, a slight decrease from last week's 7.25%. A year ago, this rate was 6.35%.

Refi Index Increases

The MBA refinancing index increased to 587.2 for the week ending Oct. 27, up from 498.6 the previous week.

Refinancings made up 25.9% of the total volume, increasing from last week's 22.1%.

Meanwhile, the MBA's home purchase index increased to 298.7 from 311.1 the prior week. Base period for all indexes, 3/16/90=100.

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