With no major move in mortgage rates, there was no sudden incentive to refinance a home loan last week, so fewer people did.
That drove overall mortgage application volume down 2.5% from the previous week, according to the Mortgage Bankers Association.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 was unchanged at 3.07%. Points, including the origination fee for loans with a 20% down payment, decreased to 0.32 from 0.36.
While mortgage rates are hovering near a record low, so many borrowers have already refinanced that demand fell 4% for the week, according to the MBA index, which was seasonally adjusted, including…