People wait to visit a house for sale in Garden City, Nassau County, New York, on Sept. 6, 2020.
Xinhua News Agency | Getty Images
It was a mixed week for rates, which started high and then fell slightly, but the damage was done early.
Total mortgage application volume decreased 3.7% for the 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 3.27% from 3.36%, with points decreasing to 0.33 from 0.43 (including the origination fee) for loans with a 20% down payment.
“Purchase and refinance applications declined, with most of the…