Freddie Mac said the average rate on 30-year fixed-rate mortgages climbed to 7.88% for the week ended September 9, from the previous week's rate of 7.83%.

In the 15-year sector, fixed-rate mortgages increased to 7.49% from the prior week's 7.45%. A year ago, the rate was 6.43%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.21%, up, from from the previous week's average of 6.18%. A year ago, that rate was 5.50%.

MBA "Refi" Index Drops

The Mortgage Bankers Association's refinancing index dropped to 395.4 for the week ended September 9, down from 456.4 the previous week.

Mortgage loan applications decreased 13.8% from the prior week and refinancings made up 21.1% of the total volume, close to the week before.

Meanwhile, the MBA's home purchase index decreased to 254.1 from 289.5 the prior week.

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