KEY POINTS
  • Mortgage application volume dropped 0.6% last week from the previous week, according to the Mortgage Bankers Association.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.40% from 4.41%.
  • Mortgage applications to purchase a home fell 1% for the week but were nearly 7% higher annually.
A property for sale in Monterey Park, California

Mortgage hunters were not particularly impressed with the latest drop in interest rates.

Mortgage application volume dropped 0.6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 10% higher than a year ago, when interest rates were higher.