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.

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