Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.16% for the week ended July 7, down from 8.22% last week.

In the 15-year sector, fixed-rate mortgages decreased to 7.88%, down from the prior week's 7.92%. A year ago, the rate was 7.30%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.27%, up from last week's average of 7.26%. A year ago, this rate was 5.96%.

Refi Index Increases

The MBA refinancing index increased to 338.5 for the week ending July 7, up from 319.2 the previous week.

Mortgage loan applications increased 4.3% from the prior week and refinancings made up 14.6% of the total volume, increasing from last week's 14.3%.

Meanwhile, the MBA's home purchase index increased to 318.1 from 305.8 the prior week. Base period for all indexes, 3/16/90=100.

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