Mortgage borrowers are clearly getting used to near-record low interest rates. A drop in rates last week did nothing to juice refinances, which are usually very rate-sensitive.
Total mortgage application volume decreased 0.7 percent on a seasonally adjusted basis for the week from the previous week, according to the Mortgage Bankers Association.
Refinance volume, which now accounts for 62.7 percent of all applications, fell 2 percent from the previous week, seasonally adjusted, but were up 34 percent from a year ago, when mortgage rates were higher. Mortgage applications to purchase a home increased 1 percent for the week and were 10 percent higher than the same week one year ago.