Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.13% for the week ended July 28, down from 8.21% last week.
In the 15-year sector, fixed-rate mortgages increased to 7.85%, down from the prior week's 7.93%. A year ago, the rate was 7.29%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.29%, down from last week's average of 7.32%. A year ago, this rate was 5.99%.
Refi Index Decreases
The MBA refinancing index decreased to 359.6 for the week ending July 28, down 371.9 from the previous week.
Mortgage loan applications decreased 5.1% from the prior week and refinancings made up 15.4% of the total volume, increasing from last week's 15.2%.
Meanwhile, the MBA's home purchase index decreased to 313.1 from 331.2 the prior week. Base period for all indexes, 3/16/90=100.
