Freddie Mac said the average rate on 30-year fixed-rate mortgage decreased to 7.94% for the week ended Sept. 7, down from 7.96% last week.

In the 15-year sector, fixed-rate mortgages decreased to 7.65%, down from the prior week's 7.67%. A year ago, the rate was 7.49%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 7.33%, up from last week's average of 7.27%. A year ago, this rate was 6.21%.

Refi Index Increases

The MBA refinancing index increased to 404.5 for the week ending Sept. 7, up from 395.0 the previous week.

Mortgage loan applications increased 2.8% from the prior week and refinancings made up 18.5% of the total volume, increasing from last week's 18.2%.

Meanwhile, the MBA's home purchase index decreased to 307.4 from 298.6 the prior week. Base period for all indexes, 3/16/90=100.

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