Freddie Mac said the average rate on 30-year fixed-rate mortgages soared to 7.65% for the week ended June 18, increasing from the previous week's rate of 7.51%.
In the 15-year sector, fixed-rate mortgages increased to 7.26% from the prior week's 7.13%. A year ago, the rate was 6.62%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 5.94%, increasing slightly from the previous week's average of 5.92%. A year ago, that rate was 5.68%.
MBA "Refi" Index Plummets
The Mortgage Bankers Association's refinancing index dropped to 702.7 for the week ended June 11, down from 758.5 the previous week.
Mortgage loan applications increased 27.9% from the prior week and refinancings made up 25.4% of the total volume, down from 28.1% the week before.
Meanwhile, the MBA's home purchase index increased to 327.2 from 305.5 the prior week.