Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.04% for the week ended Aug. 11, down from 8.12% last week.
In the 15-year sector, fixed-rate mortgages decreased to 7.75%, up from the prior week's 7.88%. A year ago, the rate was 7.70%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.28%, unchanged from last week's average. A year ago, this rate was 6.24%.
Refi Index Increases
The MBA refinancing index increased to 360.1 for the week ending Aug. 11, up from 346.0 the previous week.
Mortgage loan applications increased 6.3% from the prior week and refinancings made up 15.0% of the total volume, decreasing from last week's 15.2%.
Meanwhile, the MBA's home purchase index increased to 327.4 from 306.6 the prior week. Base period for all indexes, 3/16/90=100.
