Mortgage Rates Slip Slightly

Freddie Mac said that the average rate on 30-year fixed-rate mortgages fell to 7.52% for the week ended July 22, decreasing from the previous week's rate of 7.58%.

In the 15-year sector, fixed-rate mortgages slipped to 7.16% from the prior week's 7.19%. A year ago, the rate was 6.63%.

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

MBA "Refi" Index Falls Again

The Mortgage Bankers Association's refinancing index dropped to 508.3 for the week ended July 22, down from 522.0 the previous week.

Mortgage loan applications increased 25.3% from the prior week and refinancings made up 22.7% of the total volume, down from 23.4% the previous week.

Meanwhile, the MBA's home purchase index increased to 276.3 from 274.1 the prior week.