Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.22% for the week ended June 16, down from 8.32% last week.

In the 15-year sector, fixed-rate mortgages decreased to 7.91%, down from the prior week's 8.04%. A year ago, the rate was 7.26%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.21%, down from last week's average of 7.24%. A year ago, this rate was 5.94%.

Refi Index Increases

The MBA refinancing index increased to 329.4 for the week ending June 16, up from 318.1 the previous week.

Mortgage loan applications decreased 6.0% from the prior week and refinancings made up 14.4% of the total volume, increasing from last week's 12.5%.

Meanwhile, the MBA's home purchase index decreased to 309.5 from 335.0 the prior week. Base period for all indexes, 3/16/90=100.

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