After rising the previous week, interest rates fell back again last week, but consumers were not enthused.
Overall mortgage application volume fell 1.9% for the week, according to the Mortgage Bankers Association.A realtor, at right, shows prospective buyers a property in Newport Beach, California.Overall mortgage application volume fell 1.9% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was still 34% higher than a year earlier, thanks to a stronger refinance market this year.
Last year, the average mortgage rate was 69 basis points higher. That's why overall refinance demand is stronger now.
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