The 30-year fixed mortgage rate declined slightly last week, the first rate drop in three weeks, but it wasn’t enough to boost mortgage demand.

Mortgage applications fell last week by 1.2% on a seasonally adjusted basis compared to one week earlier, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. 

The 30-year fixed rate decreased five basis points to 6.5% last week, which is still 114 basis points higher than a year ago, Joel Kan, MBA’s vice president and deputy chief economist, said. 

According to the survey, the seasonally adjusted purchase index decreased 2% from one details ⇒

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