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.