After rising for several weeks, mortgage rates moved decidedly lower last week, but not enough to make much of a difference in demand from current borrowers or potential homebuyers. Total mortgage application volume fell 1.4% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. An additional adjustment was made for the Thanksgiving holiday.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, decreased to 6.32% from 6.40%, with points falling to 0.58 from 0.60, including the origination fee, for loans with a 20% down payment.

"Mortgage rates moved lower in line with Treasury yields, which declined on data showing a weaker labor market and declining consumer confidence," said Joel Kan, vice

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