Record low mortgage rates are clearly not as impressive as they used to be.
Even with another new low set last week, mortgage application volume decreased 5.1% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand is still considerably higher for refinances and purchase applications than it was a year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 decreased to 3.14% from 3.20%. Points, including origination fee, increased to 0.39 from 0.37 for loans with a 20% down payment. The rate was 87 basis points higher than a year ago.
Applications to refinance a home loan,…