Rates Inch Down
Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.20% for the week ended April 7, down from 8.23% last week.
In the 15-year sector, fixed-rate mortgages decreased to 7.83% from the prior week's 7.84%. A year ago, the rate was 6.47%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.79%, up from last week's average of 6.76%. A year ago, this rate was 5.56%.
Refi Index Decreases
The MBA refinancing index decreased to 340.6 for the week ending April 7, down from 386.6 the previous week.
Mortgage loan applications decreased 7.3% from the prior week and refinancings made up 15.1% of the total volume, decreasing from last week's 15.9%.
Meanwhile, the MBA's home purchase index decreased to 293.5 from 312.2 the prior week. Base period for all indexes, 3/16/90=100.