Prospective buyers visit an open house for sale in Alexandria, Virginia.
Jonathan Ernst | Reuters
It almost doesn’t sound like news anymore: Mortgage rates fell to another record low last week, and that reinvigorated refinance demand. Homebuyers, however, took a step back.
Total mortgage application volume rose 5.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Mortgage demand got a lift from another big drop in mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 decreased to 3.19% from 3.26%. Points, including the origination fee, decreased…