According to The Mortgage Bankers Association’s Weekly Applications Survey, demand for home loans fell to its lowest level since 1996. Despite mortgage rates near record lows, the Purchase Index dropped 3.1 percent from a week earlier and the Refinance Index decreased 2.9 percent. The average contract interest rate for 30-year fixed-rate mortgages was up to 4.69 percent from 4.68 percent. More here and here.