Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 7.71% for the week ended July 1, increasing from the previous week's rate of 7.63%.

In the 15-year sector, fixed-rate mortgages increased to 7.34% from the prior week's 7.28%. A year ago, the rate was 6.65%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.05%, increasing from the previous week's average of 5.93%. A year ago, that rate was 5.66%.

MBA "Refi" Index Drops

The Mortgage Bankers Association's refinancing index dropped to 612.2 for the week ended July 1, down from 636.1 the previous week.

Mortgage loan applications decreased 0.7% from the prior week and refinancings made up 24.5% of the total volume, down from 24.9% the week before.

Meanwhile, the MBA's home purchase index increased to 304.1 from 301.6 the prior week.

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