Freddie Mac said the average rate on 30-year fixed-rate mortgages decreased to 7.65% for the week ended July 8, easing back from the previous week's rate of 7.71%.

In the 15-year sector, fixed-rate mortgages fell to 7.30% from the prior week's 7.34%. A year ago, the rate was 6.60%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 5.96%, decreasing slightly from the previous week's average of 6.05%. A year ago, that rate was 5.60%.

MBA "Refi" Index Drops

The Mortgage Bankers Association's refinancing index dropped to 588.4 for the week ended July 8, down from 612.2 the previous week.

Mortgage loan applications increased 2.6% from the prior week and refinancings made up 22.9% of the total volume, down from 24.5% the week before.

Meanwhile, the MBA's home purchase index increased to 317.9 from 304.1 the prior week.

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