Real Estate

Mortgage rates fall for the first time in 3 weeks, but demand is still light


People wait to visit a house for sale in Floral Park, Nassau County, New York.

Wang Ying | Xinhua News Agency | Getty Images

After rising for three weeks, mortgage rates came back down a bit last week, but it didn’t seem to have much effect on mortgage demand.

Total application volume rose 1.6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.03% from 3.06%, with points falling to 0.29 from 0.34 (including the origination fee) for loans with a 20% down payment.

“Treasury yields fell last week,…


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