Mortgage Rates Lower, Refinancing Demand Higher, Purchase Applications Lower

A dip in rates gave a boost to refinancing demand, up 7 percent in the latest week, but failed to give much lift to purchase applications which fell 1.0 percent. Still, purchase demand is up a sharp 19 percent from a year ago. The average rate for 30-year conforming loans ($417,000 or less) fell 2 basis points in the week to 4.11 percent.