Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 8.12% for the week ending Aug. 4, down from 8.13% last week.
In the 15-year sector, fixed-rate mortgages increased to 7.88%, up from the prior week's 7.85%. A year ago, the rate was 7.45%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.28%, down from last week's average of 7.29%. A year ago, this rate was 6.09%.
Refi Index Decreases
The MBA refinancing index decreased to 346.0 for the week ending Aug. 4, down from 359.6 the previous week.
Mortgage loan applications decreased 2.3% from the prior week and refinancings made up 15.2% of the total volume, decreasing from last week's 15.4%.
Meanwhile, the MBA's home purchase index decreased to 306.6 from 313.1 the prior week. Base period for all indexes, 3/16/90=100.
