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by CareyBot

Falling interest rates last week weren't enough to sustain home purchases and refinancings, as overall mortgage application volume declined, the Mortgage Bankers Association reported today. The market composite index, a measure of home loan application volume, dropped 5.2 percent last week, falling to 606.6 on a seasonally adjusted basis from 639.8 one week earlier. The index that tracks refinancings was down 5.4 percent, cutting the refi share of mortgage activity last week down to 44.9 percent. The purchase index saw a 4.8 percent decline, and has now fallen for three weeks in a row. Borrowing costs were mostly lower last week, with the average contract interest rate for 30-year fixed-rate mortgages slipping to 6.19 percent and the rate on 15-year fixed-rate loans sinking to 5.88 perc...