Freddie Mac said the average rate on 30-year fixed-rate mortgages decreased to 7.82% for the week ended September 16, from the previous week's rate of 7.88%.

In the 15-year sector, fixed-rate mortgages dropped to 7.43% from the prior week's 7.49%. A year ago, the rate was 6.66%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.22%, up slightly from the previous week's average of 6.21%. A year ago, that rate was 5.43%.

MBA "Refi" Index Drops

The Mortgage Bankers Association's refinancing index dropped to 394.1 for the week ended September 16, down from 395.5 the previous week.

Mortgage loan applications decreased 15.0% from the prior week and refinancings made up 19.8% of the total volume, decreasing from 21.1% the previous week.

Meanwhile, the MBA's home purchase index increased to 278.7 from 254.1 the prior week.

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