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.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.