Mortgage rates fell for the second straight week, and that finally brought consumers back to their brokers. A growing share, however, applied for riskier loans at even lower rates. Total mortgage application volume rose 3.4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 7.37% from 7.41%, with points increasing to 0.76 from 0.75, including the origination fee, for loans with a 20% down payment.
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