Mortgage Rates On the Rise

Freddie Mac said that the average rate on 30-year fixed-rate mortgages hit 7.57% for the week ended June 11, increasing from the previous week's rate of 7.41%.

In the 15-year sector, fixed-rate mortgages increased to 7.13% from the prior week's 7.04%. A year ago, the rate was 6.71%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 5.92%, increasing from the previous week's average of 5.85%. A year ago, that rate was 5.71%.

MBA "Refi" Index Falls Again

The Mortgage Bankers Association's refinancing index dropped to 758.5 for the week ended June 11, down from 853.7 the previous week.

Mortgage loan applications decreased 22.4% from the prior week and refinancings made up 28.1% of the total volume, down from 30.6% the previous week.

Meanwhile, the MBA's home purchase index increased to 305.5 from 300.1 the prior week.