November 03, 2021 - 7:05am | By Kyle Cornell
(Washington, DC) -- Mortgage interest rates fell slightly last week but that didn't stop demand for mortgages from falling too.
The national average interest rate for a 30-year fixed-rate mortgage fell six basis points, to three-point-24 percent. Applications to refinance existing loans fell four-percent and demand for mortgages to buy homes dropped two-percent.
Purchase applications are down nine-percent from this time last year while refinance applications are off by 33-percent.