Freddie Mac said the average rate on 30-year fixed-rate mortgages decreased to 7.58% for the week ended July 16, falling from the previous week's rate of 7.65%.

In the 15-year sector, fixed-rate mortgages dropped to 7.19% from the prior week's 7.30%. A year ago, the rate was 6.63%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 5.97%, almost unchanged from the previous week's average of 5.96%. A year ago, that rate was 5.65%.

MBA "Refi" Index Drops

The Mortgage Bankers Association's refinancing index dropped to 522.0 for the week ended July 16, down from 588.4 the previous week.

Mortgage loan applications decreased 30.5% from the prior week and refinancings made up 23.4% of the total volume, up from 22.9% the week before.

Meanwhile, the MBA's home purchase index decreased to 274.1 from 317.9 the prior week.

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