Freddie Mac said the average rate on 30-year fixed-rate mortgages decreased slightly from 8.26% last week to 8.25% for the week ended Jan. 28.
In the 15-year sector, fixed-rate mortgages decreased to 7.84% from the prior week's 7.86%. A year ago, the rate was 6.37%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.65%, up from last week's average of 6.56%. A year ago, this rate was 5.57%.
Refi Index Increases
The MBA refinancing index increased to 413.6 for the week ending Jan. 28, down from 390.5 the previous week.
Mortgage loan applications decreased 5.8% from the prior week and refinancings made up 22.0% of the total volume, increasing from last week's 21.8%.
Meanwhile, the MBA's home purchase index decreased to 286.1 from 292.0 the prior week. Base period for all indexes, 3/16/90=100.