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.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.