According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from the week before. But, despite decreasing rates, mortgage application volume also decreased last week. The Market Composite Index, which measures total mortgage loan application volume, dropped 2.5 percent due to a 3.0 percent decline in the Refinance Index and a 0.8 percent slide in purchase activity. The slowdown came as the average contract interest rate for 30-year fixed-rate mortgages fell to 3.78 percent from 3.80 percent the previous week. Average mortgage rates also fell for jumbo and FHA loans. The refinance share of total mortgage activity held steady from the week before at 79 percent. More here and here.

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