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Mortgage rates appear to be stuck in a holding pattern, giving borrowers no particular incentive to act, especially on refinances. Total mortgage application volume fell 1.9% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. It was at the lowest level since last July.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) remained unchanged at 3.03%, with points decreasing to 0.33 from 0.34 (including the origination fee) for loans with a 20% down payment.
“Refinance volume has been moderating, while purchase volume…