Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 7.88% for the week ended Sept. 22, down from 7.94% last week.

In the 15-year sector, fixed-rate mortgages decreased to 7.60%, down from the prior week's 7.65%. A year ago, the rate was 7.43%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.26%, down from last week's average of 7.33%. A year ago, this rate was 6.22%.

Refi Index Increases

The MBA refinancing index decreased to 440.7 for the week ending Sept. 22 down from 452.9 the previous week.

Mortgage loan applications decreased 1.9% from the prior week and refinancings made up 19.7% of the total volume, increasing from last week's 19.6%.

Meanwhile, the MBA's home purchase index decreased to 318.83 from 324.4 the prior week. Base period for all indexes, 3/16/90=100.

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