According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell slightly last week across all loan categories, including 30 and 15-year fixed-rate loans, jumbo and conforming loans, and those backed by the Federal Housing Administration. Despite the drop, demand for loans to purchase homes was essentially flat, falling 1 percent from the week before. The Refinance Index also decreased 1 percent, contributing to a 1.2 percent drop in the Market Composite Index, which measures total mortgage loan application volume. Mortgage application demand has now fallen for two consecutive weeks following a 10 percent spike at the beginning of the month. The refinance share of total mortgage activity also fell, slipping to 56.5 percent from 57 percent the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all U.S. retail residential mortgage applications. More here.