Freddie Mac said the average rate on 30-year fixed-rate mortgages decreased to 7.76% for the week ended September 23, dipping from the previous week's rate of 7.82%.

In the 15-year sector, fixed-rate mortgages dropped to 7.40% from the prior week's 7.43%. A year ago, the rate was 6.32%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.19%, down from the previous week's average of 6.22%. A year ago, that rate was 5.42%.

MBA "Refi" Index Spikes

The Mortgage Bankers Association's refinancing index increased to 398.7 for the week ended September 23, up from 394.1 the previous week.

Mortgage loan applications increased 19.8% from the prior week and refinancings made up 20.9% of the total volume, increasing from last week's 19.8%.

Meanwhile, the MBA's home purchase index decreased to 266.4 from 278.7 the prior week.

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