Freddie Mac said the average rate on 30-year fixed-rate mortgages remained static at 7.23% for the week ended May 28, unchanged from the previous week.

In the 15-year sector, fixed-rate mortgages increased slightly to 6.84% from the prior week's 6.83%. A year ago, the rate was 6.85%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 5.73%, down a bit from the previous week's average of 5.76%. A year ago, that rate was 5.70%.

MBA "Refi" Index Falls Again

The Mortgage Bankers Association's refinancing index dropped to 832.2 for the week ended May 21, down from 867.1 the previous week.

Mortgage loan applications increased 3.7% from the prior week and refinancings made up 30.4% of the total volume, down from 32.8% the previous week.

Meanwhile, the MBA's home purchase index increased to 292.9 from 271.1 the prior week.

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