Mortgage Interest Rates Continue Drop, But So Do Refinance Loans

Mortgage interest rates are dropping... but so are applications to refinance loans.  

The Mortgage Bankers Association on Wednesday morning reported that refinance applications fell five-percent last week, despite the first drop in interest rates this year.  

The national average interest rate for a 30-year fixed rate loan is down one basis point, to 4.68 percent.  

Applications for loans to buy homes edged up one-percent last week. Purchase applications are six-percent higher than they were a year ago.  

Total mortgage application volume fell one-point-one percent last week.

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