Applications to refinance a home loan, which are most sensitive to weekly moves in interest rates, fell 2% for the week to the lowest level since May. They were, however, 43% higher than the same week one year ago. Last year at that time, mortgage rates were 75 basis points higher.

Applications for a mortgage to purchase a home rose 2% for the week and were 1% higher than the same week one year ago. Homebuyers may be looking at lower rates than last year, but they are also seeing higher home prices. Meanwhile, the supply of homes for sale remains lean.