Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 7.83% for the week ended Oct. 6, down from 7.88% last week.
In the 15-year sector, fixed-rate mortgages decreased to 7.50%, down from the prior week's 7.53%. A year ago, the rate was 7.43%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.21%, unchanged from last week's average. A year ago, this rate was 6.27%.
Refi Index Increases
The MBA refinancing index increased to 470.6 for the week ending Oct. 6, up from 451.3 the previous week.
Mortgage loan applications increased 4.1% from the prior week and refinancings made up 20.7% of the total volume, remaining the same as last week.
Meanwhile, the MBA's home purchase index increased to 320.4 from 307.9 the prior week. Base period for all indexes, 3/16/90=100.