Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.32% for the week ended June 9, down from 8.54% last week.
In the 15-year sector, fixed-rate mortgages decreased to 8.04%, down from the prior week's 8.24%. A year ago, the rate was 7.13%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.24%, down from last week's average of 7.25%. A year ago, this rate was 5.92%.
Refi Index Increases
The MBA refinancing index increased to 328.4 for the week ending June 9, down from 294.4 the previous week.
Mortgage loan applications increased 7.3% from the prior week and refinancings made up 12.5% of the total volume, decreasing from last week's 13.0%.
Meanwhile, the MBA's home purchase index increased to 356.6 from 302.8 the prior week. Base period for all indexes, 3/16/90=100.