Freddie Mac said the average rate on 30-year fixed-rate mortgages decreased to 7.63% for the week ended June 25, decreasing from the previous week's rate of 7.65%.

In the 15-year sector, fixed-rate mortgages increased to 7.28% from the prior week's 7.26%. A year ago, the rate was 6.62%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 5.93%, decreasing slightly from the previous week's average of 5.94%. A year ago, that rate was 6.64%.

MBA "Refi" Index Drops

The Mortgage Bankers Association's refinancing index dropped to 616.2 for the week ended June 25, down from 702.7 the previous week.

Mortgage loan applications decreased 10.5% from the prior week and refinancings made up 24.9% of the total volume, down from 25.4% the week before.

Meanwhile, the MBA's home purchase index decreased to 297.5 from 327.2 the prior week.

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