Rates Down Again
Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.12% for the week ended April 14, down from 8.20% last week. Current rates were not available by press time.
In the 15-year sector, fixed-rate mortgages decreased to 7.76% from the prior week's 7.83%. A year ago, the rate was 6.47%. The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.86%, up from last week's average of 6.79%. A year ago, this rate was 5.56%.
Refi Index Decreases
The MBA refinancing index decreased to 354.8 for the week ending April 21, down from 364.2 the previous week.
Mortgage loan applications decreased 4.5% from the prior week and refinancings made up 15.3% of the total volume, increasing from last week's 15.0%.
Meanwhile, the MBA's home purchase index decreased to 300.8 from 316.6 the prior week. Base period for all indexes, 3/16/90=100.