Freddie Mac said the average rate on 30-year fixed-rate mortgages decreased to 7.70% for the week ended September 30, dipping from the previous week's rate of 7.76%.

In the 15-year sector, fixed-rate mortgages dropped to 7.35% from the prior week's 7.40%. A year ago, the rate was 6.27%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.12%, easing from the previous week's average of 6.19%. A year ago, that rate was 5.39%.

MBA "Refi" Index Drops

The Mortgage Bankers Association's refinancing index dropped to 388.4 for the week ended September 30, down from 398.7 the previous week.

Mortgage loan applications decreased 2.8% from the prior week and refinancings made up 21.0% of the total volume, increasing from the previous week's 20.9%.

Meanwhile, the MBA's home purchase index decreased to 260.2 from 266.4 the prior week.

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