Freddie Mac said the average rate on 30-year fixed-rate mortgages increased to 7.70% for the week ended July 29, rising from the previous week's rate of 7.52%.

In the 15-year sector, fixed-rate mortgages increased to 7.29% from the prior week's 7.16%. A year ago, the rate was 6.64%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 5.99%, increasing slightly from the previous week's average of 5.97%. A year ago, that rate was 5.62%.

MBA "Refi" Index Drops

The Mortgage Bankers Association's refinancing index dropped to 490.8 for the week ended July 29, down from 508.3 the previous week.

Mortgage loan applications decreased 3.1% from the prior week and refinancings made up 22.6% of the total volume, down from 22.7% the week before.

Meanwhile, the MBA's home purchase index decreased to 267.6 from 276.3 the prior week.

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