Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.14% for the week ended June 23, down from 8.22% last week.
In the 15-year sector, fixed-rate mortgages decreased to 7.85%, down from the prior week's 7.91%. A year ago, the rate was 7.28%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.22%, up from last week's average of 7.21%. A year ago, this rate was 5.93%.
Refi Index Decreases
The MBA refinancing index decreased to 329.3 for the week ending June 23, down from 329.4 the previous week.
Mortgage loan applications decreased 1.8% from the prior week and refinancings made up 14.6% of the total volume, increasing from last week's 14.4%.
Meanwhile, the MBA's home purchase index decreased to 305.7 from 309.5 the prior week. Base period for all indexes, 3/16/90=100.
