Freddie Mac said the average rate on 30-year fixed-rate mortgages was 7.88% for the week ended Sept. 29, virtually unchanged from last week's rate of 7.90%.

In the 15-year sector, fixed-rate mortgages dropped to 7.53% from the prior week's 7.57%. A year ago, the rate was 7.35%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.21%, down from the previous week's average of 7.27%. A year ago, that rate was 6.12%.

MBA "Refi" Index Increases

The Mortgage Bankers Association's refinancing index increased to 451.3 for the week ended September 29, up from 440.7 the previous week.

Mortgage loan applications decreased 2.3% from the prior week and refinancings made up 20.7% of the total volume, increasing from 19.7 last week.

Meanwhile, the MBA's home purchase index decreased to 307.9 from 318.8 the prior week.

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