Rates Down

Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.54% for the week ended June 2, down from 8.62% last week.

In the 15-year sector, fixed-rate mortgages decreased to 8.24%, down from the prior week's 8.31%. A year ago, the rate was 6.84%. The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.25%, unchanged from last week. A year ago, this rate was 5.73%.

Refi Index Decreases

The MBA refinancing index decreased to 294.4 for the week ending June 2, down from 328.9 the previous week.

Mortgage loan applications increased 8.4% from the prior week and refinancings made up 13.0% of the total volume, decreasing from last week's 13.3%.

Meanwhile, the MBA's home purchase index decreased to 302.8 from 326.3 the prior week. Base period for all indexes, 3/16/90=100.

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