Mortgage Rates Take a Dip

Freddie Mac said that the average rate on 30-year fixed-rate mortgages fell to 7.80% for the week ended August 26, decreasing from the previous week's rate of 7.93%.

In the 15-year sector, fixed-rate mortgages fell to 7.43% from the prior week's 7.53%. A year ago, the rate was 6.61%.

The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.22%, increasing from the previous week's average of 6.18%. A year ago, that rate was 5.58%.

MBA "Refi" Index Falls Again

The Mortgage Bankers Association's refinancing index dropped to 440.4 for the week ended August 26, down from 449.2 the previous week.

Mortgage loan applications decreased 1.9% from the prior week and refinancings made up 21.2% of the total volume, remaining the same from the previous week.

Meanwhile, the MBA's home purchase index decreased to 271.0 from 271.8 the prior week.