Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.09% for the week ended July 14, down from 8.16% last week.

In the 15-year sector, fixed-rate mortgages decreased to 7.80%, down from the prior week's 7.88%. A year ago, the rate was 7.19%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.22%, down from last week's average of 7.27%. A year ago, this rate was 5.97%.

Refi Index Decreases

The MBA refinancing index increased to 284.3 for the week ending July 14, down 338.5 from the previous week.

Mortgage loan applications decreased 6.5% from the prior week and refinancings made up 13.1% of the total volume, decreasing from last week's 14.6%.

Meanwhile, the MBA's home purchase index decreased to 303.0 from 318.1 the prior week. Base period for all indexes, 3/16/90=100.

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