Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.62% for the week ended May 26, down from 8.64% last week.

In the 15-year sector, fixed-rate mortgages remained unchanged from the prior week's 8.31%. A year ago, the rate was 6.84%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.25%, up from last week's average of 7.15%. A year ago, this rate was 5.73%.

Refi Index Decreases

The MBA refinancing index decreased to 328.9 for the week ending May 26, down from 330.9 the previous week.

Mortgage loan applications increased 8.1% from the prior week and refinancings made up 13.3% of the total volume, decreasing from last week's 14.5%.

Meanwhile, the MBA's home purchase index increased to 326.3 from 296.6 the prior week. Base period for all indexes, 3/16/90=100.

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