A real estate agent shows a home to a prospective buyer in Miami.
Mortgage rates fell last week, but mortgage demand was unimpressed.
Total mortgage application volume was essentially unchanged, down 0.1% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 60% higher than the same week one year ago, when interest rates were significantly higher.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 3.98% from 4.05%, with points remaining unchanged at 0.37 (including the origination fee) for loans with a 20% down payment.