Freddie Mac said the average rate on 30-year fixed-rate mortgage was 7.84% for the week ended Oct. 20, almost unchanged from last weeks 7.83%.
In the 15-year sector, fixed-rate mortgages were 7.52%, slightly up from the prior week's 7.50%. A year ago, the rate was 7.45%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.23%, with an average of 1.0 point, a slight increase from last week's 7.21%. A year ago, this rate was 6.31%.
Refi Index Increases
The MBA refinancing index increased to 498.6 for the week ending Oct. 20, up from 475.0 the previous week.
Refinancings made up 22.1% of the total volume, increasing from last week's 21.8%.
Meanwhile, the MBA's home purchase index increased to 311.1 from 302.8 the prior week. Base period for all indexes, 3/16/90=100.
