Freddie Mac said the average rate on 30-year fixed-rate mortgages increased from last week to 8.06% for the week ended Dec. 31.

In the 15-year sector, fixed-rate mortgages increased to 7.66% from the prior week's 7.57%. A year ago, the rate was 6.48%. The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.56%, down from last week's average of 6.64%. A year ago, this rate was 5.63%.

Refi Index Decreases

The MBA refinancing index decreased to 338.1 for the week ending Dec. 31, down from 354.1 the previous week.

Mortgage loan applications decreased 27.8% from the prior week and refinancings made up 23.5% of the total volume, increasing from last week's 22.2%.

Meanwhile, the MBA's home purchase index decreased to 253.3 from 284.3 the prior week.

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