Mortgage refinances rebound as rates drop temporarily to lowest level in a month

After three straight weeks of declines, mortgage demand came crawling back, thanks to a drop in interest rates.

Total application volume rose 4.2% last week from the previous 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 decreased to 3.11% from 3.15%, with points increasing to 0.36 from 0.34 for loans with a 20% down payment. Applications for a mortgage to purchase a home increased 2% for the week but were 17% lower than a year ago. Homebuying has been slowing lately due to huge price gains and a low supply of homes for sale. Lower mortgage rates aren't doing much to offset either of those factors.

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