Rates Ease

Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.13% for the week ended April 28, down from 8.16% last week.

Fifteen-year fixed-rate mortgages decreased to 7.79% from the prior week's 7.82%. A year ago, the rate was 6.55%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.77%, up from last week's average of 6.76%. A year ago, this rate was 5.63%.

Refi Index Decreases

The MBA refinancing index decreased to 341.9 for the week ending April 28, down from 354.8 the previous week.

Mortgage loan applications increased 0.5% from the prior week and refinancings made up 14.7% of the total volume, decreasing from last week's 15.3%.

Meanwhile, the MBA's home purchase index increased to 302.8 from 300.8 the prior week. Base period for all indexes, 3/16/90=100.

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