Mortgage application volume fell 3.4% for the week from the previous week, according to the Mortgage Bankers Association, but volume is 14% higher than one year ago, CNBC reports.

Mortgage applications to purchase a home were essentially flat for the week but are 13% higher than a year ago.

Refinance demand fell 6 percent for the week, but it is 15 percent higher than one year ago. Rates are not that much different now than they were then.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (up to $417,000) increased to 3.87 percent from 3.85 percent, with points increasing to 0.36 from 0.35 (including origination fee) for 80 percent loan-to-value ratio loans. While rates were higher for the first half of last week, they fell midweek, after the Federal Reserve held steady on interest rates.

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