Despite a decrease in interest rates for 30-year mortgages, the volume of applications to refinance dipped 1.6 percent last week, according to the Mortgage Bankers Association.
The decrease was the fourth consecutive weekly decrease in refi application volume. Applications to refinance made up 80.7 percent of all home loan volume during the week.
Purchase applications increased 2.4 percent from the prior week on a 4.5-percent increase in government purchase applications. Conventional purchase applications increased 0.8 percent.
The average contract interest rate for a 30-year home loan was 4.38 percent, down from 4.44 percent the previous week.
