The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.93% from 6.94%
Applications for a mortgage to purchase a home increased 1% for the week but were 13% lower than the same week one year ago.continue to rise, mortgage rates aren't coming off recent highs, and consumers are unimpressed by the small increase in home listings.All of that is reflected in weekly mortgage demand, which has been stuck for the second week in a row. Total mortgage application volume was essentially flat last week, up just 0.
"Lower rates, however, were still not enough to entice refinance borrowers back, as most continue to hold mortgages with considerably lower rates," said Joel Kan, an MBA economist in a release.