Mortgage rates dropped for the third straight week, boosting demand from both homeowners and homebuyers. The spring housing market had been looking like a letdown, but there appears to now be new life. Total mortgage application volume rose 7.9% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 6.35% from 6.42%, with points falling to 0.61 from 0.62, including the origination fee, for loans with a 20% down payment.

 

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