Mortgage applications drop 1.8%, despite lowest interest rates since November

A real estate agent shows a home for sale to a prospective buyer in Miami./ Getty Images

By Emily Gaffney | CNBC

A real estate agent shows a home for sale to a prospective buyer in Miami.

Fewer homebuyers jumped into the mortgage market last week even though interest rates hit their lowest levels in five months.

Total mortgage applications decreased last week by 1.8 percent from the previous week, according to the Mortgage Bankers Association. Total volume is down 23.5 percent from the same week last year.

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The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) dropped to its lowest levels since November, dropping to 4.22 percent from 4.28 percent, with points falling to 0.35 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio loans.

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