A For Sale sign appears in front of a house on Oak Street in Patchogue, New York, on May 17, 2022.Steve Pfost | Newsday | Getty ImagesMortgage rates soared over 7% just a month ago, but since then they have fallen more than half a percentage point. Still, mortgage loan application volume decreased 0.8% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The results also include an adjustment for the observance of the Thanksgiving holiday.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 6.49% from 6.67%, with points remaining at 0.68 (including the origination fee) for loans with a 20% down payment.The weakness continues to be in refinance demand, which dropped 13% from the previous week and was 86% lower than the same …
