Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 7.89% for the week ended August 5, spiking from the previous week's rate of 7.70%.

In the 15-year sector, fixed-rate mortgages increased to 7.45% from the prior week's 7.29%. A year ago, the rate was 6.63%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.09%, increasing slightly from the previous week's average of 5.99%. A year ago, that rate was 5.61%.

MBA "Refi" Index Drops

The Mortgage Bankers Association's refinancing index dropped to 458.1 for the week ended August 5, down from 490.8 the previous week.

Mortgage loan applications decreased 5.9% from the prior week and refinancings made up 20% of the total volume, down from 22.6% the week before.

Meanwhile, the MBA's home purchase index increased to 365.8 from 361.89 the prior week.

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