Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 7.84% for the week ended Oct.12, from 7.83% last week.
In the 15-year sector, fixed-rate mortgages increased to 7.52%, up from the prior week's 7.50%. A year ago, the rate was 7.45%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.23% up from 7.21% last week. A year ago, this rate was 6.31%.
Refi Index Increases
The MBA refinancing index increased to 475.0 for the week ending Oct. 12, up from 470.6 the previous week.
Mortgage loan applications decreased 3.9% from the prior week. Refinancings made up 21.8% of the total volume, increasing from last week's 20.7%.
Meanwhile, the MBA's home purchase index decreased to 302.8 from 320.4 the prior week. Base period for all indexes, 3/16/90=100.
