Despite another interest rate drop, demand for refinancing and purchasing mortgages fell last week, with total mortgage application volume down 4.8% from the previous week, according to the Mortgage Bankers Association.
Record-low mortgage rates are apparently not as impressive as they used to be, likely because rates have been so low for so long.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 decreased to 3.05% from 3.10% last week, while points, including origination fee, increased to 0.52 from 0.46 for loans with a 20% down payment. That is the lowest in the 30-year history of the MBA survey. The rate was right around…