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.
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 Increases
The MBA refinancing index increased to 364.2 for the week ending April 14, up from 340.6 the previous week.
Mortgage loan applications increased 7.7% from the prior week and refinancings made up 15.0% of the total volume, decreasing from last week's 15.1%.
Meanwhile, the MBA's home purchase index increased to 316.6 from 293.5 the prior week. Base period for all indexes, 3/16/90=100.
