Weekly mortgage demand was flat, even as interest rates drop for the third straight week

The average rate on the most popular mortgage, the 30-year fixed, fell for the third straight week

Total mortgage application volume increased 0.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. This after demand surged the week before.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances increased to 6.80% from 6.79% for loans with a 20% down payment. This marks the second straight week that jumbo loans have a higher rate than conforming loans. Applications to refinance a home loan decreased 2% for the week and were 40% lower than the same week one year ago.

"First-time homebuyers account for a large share of FHA purchase loans, and this increase is a sign that while buyer interest is there, activity continues to be constrained by low levels of affordable inventory," added Kan.

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