Rates Continue Rise

Freddie Mac said the average rate on 30-year fixed-rate mortgages increased from 8.18% last week to 8.26% for the week ended Jan. 0.

In the 15-year sector, fixed-rate mortgages increased to 7.86% from the prior week's 7.78%. A year ago, the rate was 6.42%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.56%, down from last week's average of 6.61%. A year ago, this rate was 5.57%.

Refi Index Increases

The MBA refinancing index increased to 390.5 for the week ending Jan. 20, down from 350.8 the previous week.

Mortgage loan applications increased 18.8% from the prior week and refinancings made up 21.8% of the total volume, decreasing from last week's 23.2%.

Meanwhile, the MBA's home purchase index increased to 292.0 from 254.6 the prior week. Base period for all indexes, 3/16/90=100.