Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 7.96% for the week ended Aug. 18, down from 8.04% last week.

In the 15-year sector, fixed-rate mortgages decreased to 7.70%, down from the prior week's 7.75%. A year ago, the rate was 7.53%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.21%, down from last week's average of 7.28%. A year ago, this rate was 6.18%.

Refi Index Increases

The MBA refinancing index increased to 403.3 for the week ending Aug. 18, up from 360.1 the previous week.

Mortgage loan applications decreased 1.7% from the prior week and refinancings made up 17.2% of the total volume, increasing from last week's 15.0%.

Meanwhile, the MBA's home purchase index decreased to 313.3 from 327.4 the prior week. Base period for all indexes, 3/16/90=100.

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