Despite the rate for a 30-year fixed-rate mortgage dropping about 3 percent last week, the number of applications for home loans also dropped 5 percent, according to the Mortgage Bankers Association.
The rate for a 30-year fixed-rate mortgage fell to 4.55 percent, down from 4.69 percent the previous week.
Despite historically low interest rates, the four-week moving average for mortgage applications was down 4.7 percent.
The MBA’s refinancing index also fell 6.2 percent, and is 42.1 percent lower than it was a year ago. Refinancing dropped to make up 65.6 percent of the mortgage activity last week.
