Robin Azougi 1st R, a licensed real estate salesperson with Douglas Elliman Real Estate, talks with prospective buyers at a house for sale in Floral Park, Nassau County, New York, on Sept. 6, 2020.
Wang Ying | Xinhua News Agency | Getty Images
Lower mortgage rates are not prompting homeowners or potential homebuyers to contact their lenders, as other obstacles stand in their way.
Total mortgage application volume fell 2.5% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
The decline came even though the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.17%…