Mortgage demand drops, as homebuyers wait for lower rates

Mortgage interest rates eased very slightly last week, but not enough to get today’s potential homebuyers off the fence. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.82% from 6.87%, with points increasing to 0.59 from 0.57 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association.